Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,426/mo
+$1,011/mo- Down payment
- $0
- Funds due
- $12,167
- Interest + MI left
- $567,945
- First ends
- Sep 2054
New loan
New conventional
$2,415/mo
Lowest payment- Down payment
- $32,999
- Funds due
- $41,502
- Interest + MI left
- $434,250
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $458,334 | $296,991 |
| Second mortgage | — | — |
| First P&I | $3,081.92 | $2,011.92 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.40 |
| Taxes, insurance & HOA | $344.00 | $344.00 |
| Total housing payment | $3,425.92 | $2,415.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,167
Usable credit−$0
Total buyer cash needed$12,167
Earnest money paid−$0
Remaining funds due$12,167
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,291.67
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$396.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$775.28
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 9 moOf the original 30-year loan at 6.86%
Interest already paid$71,689Through Dec 2026
Assumption only · ends Sep 2054$567,945
New conventional · ends Jan 2057$434,250