Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,201/mo
+$369/mo- Down payment
- $0
- Funds due
- $12,642
- Interest + MI left
- $499,092
- First ends
- Apr 2054
New loan
New conventional
$2,833/mo
Lowest payment- Down payment
- $38,900
- Funds due
- $48,169
- Interest + MI left
- $511,904
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $422,714 | $350,100 |
| Second mortgage | — | — |
| First P&I | $2,810.39 | $2,371.70 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.02 |
| Taxes, insurance & HOA | $390.91 | $390.91 |
| Total housing payment | $3,201.30 | $2,832.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,642
Usable credit−$0
Total buyer cash needed$12,642
Earnest money paid−$0
Remaining funds due$12,642
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,113.57
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$466.75
Initial HOA (3 months)$255.99
Prepaid interest, first (9 days)$697.30
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 4 moOf the original 30-year loan at 6.69%
Interest already paid$76,667Through Dec 2026
Assumption only · ends Apr 2054$499,092
New conventional · ends Jan 2057$511,904