Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,394/mo
+$92/mo- Down payment
- $8,095
- Funds due
- $20,990
- Interest + MI left
- $552,460
- First ends
- Sep 2054
New loan
New conventional
$3,302/mo
Lowest payment- Down payment
- $45,000
- Funds due
- $54,440
- Interest + MI left
- $614,208
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $441,904 | $404,999 |
| Second mortgage | — | — |
| First P&I | $2,977.14 | $2,804.13 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.00 |
| Taxes, insurance & HOA | $417.08 | $417.08 |
| Total housing payment | $3,394.22 | $3,302.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,095
Closing costs & prepaids$12,896
Usable credit−$0
Total buyer cash needed$20,990
Earnest money paid−$0
Remaining funds due$20,990
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,209.52
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$531.25
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$166.83
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 10 moOf the original 30-year loan at 6.890%
Interest already paid$66,810Through Nov 2026
Assumption only · ends Sep 2054$552,460
New conventional · ends Dec 2056$614,208