Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,022/mo
+$55/mo- Down payment
- $12,307
- Funds due
- $27,254
- Interest + MI left
- $545,672
- First ends
- Jun 2054
New loan
New conventional
$3,967/mo
Lowest payment- Down payment
- $45,900
- Funds due
- $57,362
- Interest + MI left
- $626,494
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $446,693 | $413,100 |
| Second mortgage | — | — |
| First P&I | $2,998.08 | $2,860.22 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.62 |
| Taxes, insurance & HOA | $1,024.17 | $1,024.17 |
| Total housing payment | $4,022.25 | $3,967.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,307
Closing costs & prepaids$14,947
Usable credit−$0
Total buyer cash needed$27,254
Earnest money paid−$0
Remaining funds due$27,254
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,233.47
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,147.50
Initial HOA (3 months)$1,425.00
Prepaid interest, first (1 days)$83.46
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 7 moOf the original 30-year loan at 6.820%
Interest already paid$74,694Through Nov 2026
Assumption only · ends Jun 2054$545,672
New conventional · ends Dec 2056$626,494