Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,704/mo
+$366/mo- Down payment
- $0
- Funds due
- $14,090
- Interest + MI left
- $609,265
- First ends
- May 2054
New loan
New conventional
$3,338/mo
Lowest payment- Down payment
- $47,500
- Funds due
- $57,777
- Interest + MI left
- $625,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $491,960 | $427,500 |
| Second mortgage | — | — |
| First P&I | $3,347.19 | $2,896.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $85.50 |
| Taxes, insurance & HOA | $356.67 | $356.67 |
| Total housing payment | $3,703.86 | $3,338.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,090
Usable credit−$0
Total buyer cash needed$14,090
Earnest money paid−$0
Remaining funds due$14,090
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,459.80
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Prepaid interest, first (9 days)$841.86
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 5 moOf the original 30-year loan at 6.94%
Interest already paid$89,553Through Dec 2026
Assumption only · ends May 2054$609,265
New conventional · ends Jan 2057$625,076