Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,417/mo
+$351/mo- Down payment
- $0
- Funds due
- $13,191
- Interest + MI left
- $568,129
- First ends
- Sep 2054
New loan
New conventional
$3,067/mo
Lowest payment- Down payment
- $43,490
- Funds due
- $53,083
- Interest + MI left
- $572,306
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $457,679 | $391,410 |
| Second mortgage | — | — |
| First P&I | $3,080.51 | $2,651.55 |
| Second P&I | — | — |
| Mortgage insurance | — | $78.28 |
| Taxes, insurance & HOA | $336.92 | $336.92 |
| Total housing payment | $3,417.43 | $3,066.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,191
Usable credit−$0
Total buyer cash needed$13,191
Earnest money paid−$0
Remaining funds due$13,191
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,288.40
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$522.00
Initial HOA (3 months)$38.76
Prepaid interest, first (9 days)$775.30
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 9 moOf the original 30-year loan at 6.87%
Interest already paid$71,689Through Dec 2026
Assumption only · ends Sep 2054$568,129
New conventional · ends Jan 2057$572,306