Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,503/mo
+$436/mo- Down payment
- $0
- Funds due
- $13,332
- Interest + MI left
- $563,522
- First ends
- Oct 2054
New loan
New conventional
$3,067/mo
Lowest payment- Down payment
- $41,590
- Funds due
- $51,340
- Interest + MI left
- $547,303
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $453,925 | $374,310 |
| Second mortgage | — | — |
| First P&I | $3,046.25 | $2,535.71 |
| Second P&I | — | — |
| Mortgage insurance | — | $74.86 |
| Taxes, insurance & HOA | $456.33 | $456.33 |
| Total housing payment | $3,502.58 | $3,066.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,332
Usable credit−$0
Total buyer cash needed$13,332
Earnest money paid−$0
Remaining funds due$13,332
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,159.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,269.62
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$499.00
Initial HOA (3 months)$420.00
Prepaid interest, first (9 days)$766.70
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 10 moOf the original 30-year loan at 6.85%
Interest already paid$68,235Through Dec 2026
Assumption only · ends Oct 2054$563,522
New conventional · ends Jan 2057$547,303