Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,074/mo
Lowest payment- Down payment
- $24,138
- Funds due
- $36,468
- Interest + MI left
- $475,022
- First ends
- Apr 2054
New loan
New conventional
$3,136/mo
+$63/mo- Down payment
- $42,500
- Funds due
- $51,612
- Interest + MI left
- $580,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $400,862 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,662.26 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.50 |
| Taxes, insurance & HOA | $411.33 | $411.33 |
| Total housing payment | $3,073.59 | $3,136.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,138
Closing costs & prepaids$12,330
Usable credit−$0
Total buyer cash needed$36,468
Earnest money paid−$0
Remaining funds due$36,468
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,004.31
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$724.00
Initial HOA (3 months)$60.00
Prepaid interest, first (1 days)$73.47
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 5 moOf the original 30-year loan at 6.690%
Interest already paid$70,392Through Nov 2026
Assumption only · ends Apr 2054$475,022
New conventional · ends Dec 2056$580,087