Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,222/mo
+$90/mo- Down payment
- $3,343
- Funds due
- $15,945
- Interest + MI left
- $479,382
- First ends
- May 2054
New loan
New conventional
$3,132/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $49,424
- Interest + MI left
- $545,957
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $396,652 | $359,995 |
| Second mortgage | — | — |
| First P&I | $2,654.65 | $2,492.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $567.67 | $567.67 |
| Total housing payment | $3,222.32 | $3,132.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,343
Closing costs & prepaids$12,602
Usable credit−$0
Total buyer cash needed$15,945
Earnest money paid−$0
Remaining funds due$15,945
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,983.26
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,082.00
Initial HOA (3 months)$171.00
Prepaid interest, first (2 days)$147.36
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 6 moOf the original 30-year loan at 6.780%
Interest already paid$68,257Through Nov 2026
Assumption only · ends May 2054$479,382
New conventional · ends Dec 2056$545,957