Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,564/mo
Lowest payment- Down payment
- $30,673
- Funds due
- $44,340
- Interest + MI left
- $556,722
- First ends
- Aug 2054
New loan
New conventional
$3,586/mo
+$22/mo- Down payment
- $46,990
- Funds due
- $57,200
- Interest + MI left
- $641,371
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $439,227 | $422,910 |
| Second mortgage | — | — |
| First P&I | $2,990.84 | $2,928.14 |
| Second P&I | — | — |
| Mortgage insurance | — | $84.58 |
| Taxes, insurance & HOA | $573.25 | $573.25 |
| Total housing payment | $3,564.09 | $3,585.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,673
Closing costs & prepaids$13,667
Usable credit−$0
Total buyer cash needed$44,340
Earnest money paid−$0
Remaining funds due$44,340
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,196.14
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,174.75
Initial HOA (3 months)$45.00
Prepaid interest, first (1 days)$84.12
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 9 moOf the original 30-year loan at 6.990%
Interest already paid$69,980Through Nov 2026
Assumption only · ends Aug 2054$556,722
New conventional · ends Dec 2056$641,371