Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,093/mo
+$187/mo- Down payment
- $4,619
- Funds due
- $17,230
- Interest + MI left
- $497,524
- First ends
- Jul 2054
New loan
New conventional
$2,906/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $49,397
- Interest + MI left
- $526,378
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $395,380 | $359,999 |
| Second mortgage | — | — |
| First P&I | $2,697.60 | $2,438.76 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $395.00 | $395.00 |
| Total housing payment | $3,092.60 | $2,905.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,619
Closing costs & prepaids$12,611
Usable credit−$0
Total buyer cash needed$17,230
Earnest money paid−$0
Remaining funds due$17,230
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,976.90
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$681.46
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing27 yr 7 moOf the original 30-year loan at 6.99%
Interest already paid$67,732Through Dec 2026
Assumption only · ends Jul 2054$497,524
New conventional · ends Jan 2057$526,378