Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,579/mo
+$130/mo- Down payment
- $23,734
- Funds due
- $37,901
- Interest + MI left
- $578,643
- First ends
- Jul 2054
New loan
New conventional
$3,449/mo
Lowest payment- Down payment
- $47,500
- Funds due
- $58,110
- 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 | $451,266 | $427,500 |
| Second mortgage | — | — |
| First P&I | $3,111.51 | $2,896.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $85.50 |
| Taxes, insurance & HOA | $467.67 | $467.67 |
| Total housing payment | $3,579.17 | $3,449.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,734
Closing costs & prepaids$14,167
Usable credit−$0
Total buyer cash needed$37,901
Earnest money paid−$0
Remaining funds due$37,901
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%)$2,256.33
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Initial HOA (3 months)$333.00
Prepaid interest, first (9 days)$790.02
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 7 moOf the original 30-year loan at 7.1%
Interest already paid$78,500Through Dec 2026
Assumption only · ends Jul 2054$578,643
New conventional · ends Jan 2057$625,076