Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,978/mo
+$55/mo- Down payment
- $16,665
- Funds due
- $31,149
- Interest + MI left
- $645,747
- First ends
- Sep 2054
New loan
New conventional
$3,923/mo
Lowest payment- Down payment
- $53,500
- Funds due
- $64,065
- Interest + MI left
- $730,227
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $518,335 | $481,500 |
| Second mortgage | — | — |
| First P&I | $3,485.28 | $3,333.81 |
| Second P&I | — | — |
| Mortgage insurance | — | $96.30 |
| Taxes, insurance & HOA | $492.42 | $492.42 |
| Total housing payment | $3,977.69 | $3,922.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,665
Closing costs & prepaids$14,484
Usable credit−$0
Total buyer cash needed$31,149
Earnest money paid−$0
Remaining funds due$31,149
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,591.68
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$836.25
Initial HOA (3 months)$141.00
Prepaid interest, first (1 days)$97.56
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 10 moOf the original 30-year loan at 6.870%
Interest already paid$78,141Through Nov 2026
Assumption only · ends Sep 2054$645,747
New conventional · ends Dec 2056$730,227