Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,896/mo
Lowest payment- Down payment
- $25,364
- Funds due
- $37,845
- Interest + MI left
- $453,669
- First ends
- Apr 2054
New loan
New conventional
$2,933/mo
+$37/mo- Down payment
- $41,590
- Funds due
- $50,937
- Interest + MI left
- $547,303
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $390,536 | $374,310 |
| Second mortgage | — | — |
| First P&I | $2,573.80 | $2,535.71 |
| Second P&I | — | — |
| Mortgage insurance | — | $74.86 |
| Taxes, insurance & HOA | $322.00 | $322.00 |
| Total housing payment | $2,895.80 | $2,932.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,364
Closing costs & prepaids$12,481
Usable credit−$0
Total buyer cash needed$37,845
Earnest money paid−$0
Remaining funds due$37,845
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,159.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,952.68
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$499.00
Initial HOA (3 months)$17.01
Prepaid interest, first (9 days)$635.56
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 6.6%
Interest already paid$69,897Through Dec 2026
Assumption only · ends Apr 2054$453,669
New conventional · ends Jan 2057$547,303