Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,374/mo
+$1,764/mo- Down payment
- $0
- Funds due
- $10,541
- Interest + MI left
- $461,545
- First ends
- Jul 2054
New loan
New conventional
$1,609/mo
Lowest payment- Down payment
- $12,900
- Funds due
- $20,430
- Interest + MI left
- $176,073
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $398,826 | $116,100 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $803.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $23.22 |
| Taxes, insurance & HOA | $782.42 | $782.42 |
| Total housing payment | $3,373.90 | $1,609.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,541
Usable credit−$0
Total buyer cash needed$10,541
Earnest money paid−$0
Remaining funds due$10,541
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,994.13
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$778.25
Initial HOA (3 months)$1,119.00
Prepaid interest, first (2 days)$142.05
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 8 moOf the original 30-year loan at 6.500%
Interest already paid$61,388Through Nov 2026
Assumption only · ends Jul 2054$461,545
New conventional · ends Dec 2056$176,073