Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,244/mo
+$313/mo- Down payment
- $0
- Funds due
- $12,167
- Interest + MI left
- $537,132
- First ends
- Oct 2054
New loan
New conventional
$2,931/mo
Lowest payment- Down payment
- $40,200
- Funds due
- $49,001
- Interest + MI left
- $548,694
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $431,115 | $361,800 |
| Second mortgage | — | — |
| First P&I | $2,890.29 | $2,505.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.36 |
| Taxes, insurance & HOA | $353.92 | $353.92 |
| Total housing payment | $3,244.21 | $2,931.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,167
Usable credit−$0
Total buyer cash needed$12,167
Earnest money paid−$0
Remaining funds due$12,167
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,020.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,155.57
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$392.75
Initial HOA (3 months)$219.00
Prepaid interest, first (2 days)$161.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 6.850%
Interest already paid$62,281Through Nov 2026
Assumption only · ends Oct 2054$537,132
New conventional · ends Dec 2056$548,694