Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,473/mo
+$318/mo- Down payment
- $20,124
- Funds due
- $33,402
- Interest + MI left
- $565,471
- First ends
- Jan 2054
New loan
New conventional
$3,155/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $52,438
- Interest + MI left
- $559,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $404,876 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,985.68 | $2,591.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.50 |
| Taxes, insurance & HOA | $487.00 | $487.00 |
| Total housing payment | $3,472.68 | $3,154.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,124
Closing costs & prepaids$13,278
Usable credit−$0
Total buyer cash needed$33,402
Earnest money paid−$0
Remaining funds due$33,402
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,024.38
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$510.00
Initial HOA (3 months)$501.00
Prepaid interest, first (9 days)$774.70
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 1 moOf the original 30-year loan at 7.76%
Interest already paid$93,022Through Dec 2026
Assumption only · ends Jan 2054$565,471
New conventional · ends Jan 2057$559,278