Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,754/mo
+$524/mo- Down payment
- $0
- Funds due
- $13,843
- Interest + MI left
- $594,089
- First ends
- Jun 2054
New loan
New conventional
$3,230/mo
Lowest payment- Down payment
- $43,900
- Funds due
- $53,949
- Interest + MI left
- $577,702
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $488,098 | $395,100 |
| Second mortgage | — | — |
| First P&I | $3,279.36 | $2,676.55 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.02 |
| Taxes, insurance & HOA | $474.58 | $474.58 |
| Total housing payment | $3,753.94 | $3,230.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,843
Usable credit−$0
Total buyer cash needed$13,843
Earnest money paid−$0
Remaining funds due$13,843
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,440.49
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$526.75
Initial HOA (3 months)$447.00
Prepaid interest, first (9 days)$820.81
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 6 moOf the original 30-year loan at 6.82%
Interest already paid$84,479Through Dec 2026
Assumption only · ends Jun 2054$594,089
New conventional · ends Jan 2057$577,702