Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,935/mo
+$3/mo- Down payment
- $26,944
- Funds due
- $39,496
- Interest + MI left
- $445,425
- First ends
- Jun 2054
New loan
New conventional
$2,932/mo
Lowest payment- Down payment
- $38,970
- Funds due
- $48,531
- Interest + MI left
- $512,825
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,756 | $350,730 |
| Second mortgage | — | — |
| First P&I | $2,449.03 | $2,375.97 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.15 |
| Taxes, insurance & HOA | $485.92 | $485.92 |
| Total housing payment | $2,934.95 | $2,932.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,944
Closing costs & prepaids$12,551
Usable credit−$0
Total buyer cash needed$39,496
Earnest money paid−$0
Remaining funds due$39,496
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,897.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,813.78
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$467.75
Initial HOA (3 months)$540.00
Prepaid interest, first (9 days)$614.50
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 6.87%
Interest already paid$63,236Through Dec 2026
Assumption only · ends Jun 2054$445,425
New conventional · ends Jan 2057$512,825