Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,658/mo
+$635/mo- Down payment
- $0
- Funds due
- $13,106
- Interest + MI left
- $477,973
- First ends
- Oct 2054
New loan
New conventional
$3,023/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $40,084
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $378,960 | $270,000 |
| Second mortgage | — | — |
| First P&I | $2,558.01 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $1,099.92 | $1,099.92 |
| Total housing payment | $3,657.93 | $3,023.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,106
Usable credit−$0
Total buyer cash needed$13,106
Earnest money paid−$0
Remaining funds due$13,106
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,894.80
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$2,583.75
Initial HOA (3 months)$266.01
Prepaid interest, first (2 days)$143.69
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 11 moOf the original 30-year loan at 6.920%
Interest already paid$55,297Through Nov 2026
Assumption only · ends Oct 2054$477,973
New conventional · ends Dec 2056$409,473