Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,504/mo
+$129/mo- Down payment
- $8,881
- Funds due
- $22,008
- Interest + MI left
- $590,807
- First ends
- Aug 2054
New loan
New conventional
$3,375/mo
Lowest payment- Down payment
- $47,500
- Funds due
- $57,026
- Interest + MI left
- $648,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $466,119 | $427,500 |
| Second mortgage | — | — |
| First P&I | $3,173.95 | $2,959.92 |
| Second P&I | — | — |
| Mortgage insurance | — | $85.50 |
| Taxes, insurance & HOA | $329.67 | $329.67 |
| Total housing payment | $3,503.62 | $3,375.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,881
Closing costs & prepaids$13,127
Usable credit−$0
Total buyer cash needed$22,008
Earnest money paid−$0
Remaining funds due$22,008
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%)$2,330.59
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$418.00
Initial HOA (3 months)$71.01
Prepaid interest, first (1 days)$89.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.990%
Interest already paid$74,265Through Nov 2026
Assumption only · ends Aug 2054$590,807
New conventional · ends Dec 2056$648,333