Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,317/mo
+$87/mo- Down payment
- $7,632
- Funds due
- $20,449
- Interest + MI left
- $504,734
- First ends
- Jul 2054
New loan
New conventional
$3,230/mo
Lowest payment- Down payment
- $41,500
- Funds due
- $51,070
- Interest + MI left
- $566,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $407,368 | $373,500 |
| Second mortgage | — | — |
| First P&I | $2,747.29 | $2,586.04 |
| Second P&I | — | — |
| Mortgage insurance | — | $74.70 |
| Taxes, insurance & HOA | $569.42 | $569.42 |
| Total housing payment | $3,316.71 | $3,230.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,632
Closing costs & prepaids$12,817
Usable credit−$0
Total buyer cash needed$20,449
Earnest money paid−$0
Remaining funds due$20,449
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,036.84
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$725.25
Initial HOA (3 months)$533.01
Prepaid interest, first (2 days)$153.57
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 6.880%
Interest already paid$66,302Through Nov 2026
Assumption only · ends Jul 2054$504,734
New conventional · ends Dec 2056$566,438