Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,354/mo
+$109/mo- Down payment
- $2,874
- Funds due
- $15,804
- Interest + MI left
- $546,427
- First ends
- May 2054
New loan
New conventional
$3,245/mo
Lowest payment- Down payment
- $45,500
- Funds due
- $54,919
- Interest + MI left
- $621,034
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $452,126 | $409,500 |
| Second mortgage | — | — |
| First P&I | $3,025.92 | $2,835.30 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.90 |
| Taxes, insurance & HOA | $327.66 | $327.66 |
| Total housing payment | $3,353.58 | $3,244.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,874
Closing costs & prepaids$12,930
Usable credit−$0
Total buyer cash needed$15,804
Earnest money paid−$0
Remaining funds due$15,804
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,260.63
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$431.00
Initial HOA (3 months)$51.99
Prepaid interest, first (2 days)$167.97
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 6 moOf the original 30-year loan at 6.780%
Interest already paid$77,803Through Nov 2026
Assumption only · ends May 2054$546,427
New conventional · ends Dec 2056$621,034