Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,442/mo
+$110/mo- Down payment
- $4,365
- Funds due
- $17,465
- Interest + MI left
- $560,298
- First ends
- Sep 2054
New loan
New conventional
$3,332/mo
Lowest payment- Down payment
- $45,490
- Funds due
- $55,088
- Interest + MI left
- $620,898
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $450,535 | $409,410 |
| Second mortgage | — | — |
| First P&I | $3,026.45 | $2,834.67 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.88 |
| Taxes, insurance & HOA | $415.42 | $415.42 |
| Total housing payment | $3,441.87 | $3,331.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,365
Closing costs & prepaids$13,101
Usable credit−$0
Total buyer cash needed$17,465
Earnest money paid−$0
Remaining funds due$17,465
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,549.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,252.68
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$718.75
Initial HOA (3 months)$27.51
Prepaid interest, first (1 days)$84.68
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 10 moOf the original 30-year loan at 6.860%
Interest already paid$67,823Through Nov 2026
Assumption only · ends Sep 2054$560,298
New conventional · ends Dec 2056$620,898