Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,837/mo
+$5/mo- Down payment
- $28,397
- Funds due
- $40,650
- Interest + MI left
- $435,357
- First ends
- Mar 2054
New loan
New conventional
$2,832/mo
Lowest payment- Down payment
- $38,499
- Funds due
- $47,797
- Interest + MI left
- $506,627
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,593 | $346,491 |
| Second mortgage | — | — |
| First P&I | $2,421.86 | $2,347.25 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.30 |
| Taxes, insurance & HOA | $415.00 | $415.00 |
| Total housing payment | $2,836.86 | $2,831.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,397
Closing costs & prepaids$12,253
Usable credit−$0
Total buyer cash needed$40,650
Earnest money paid−$0
Remaining funds due$40,650
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,849.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,782.96
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$462.00
Initial HOA (3 months)$333.00
Prepaid interest, first (9 days)$606.70
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 3 moOf the original 30-year loan at 6.9%
Interest already paid$68,785Through Dec 2026
Assumption only · ends Mar 2054$435,357
New conventional · ends Jan 2057$506,627