Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,005/mo
+$96/mo- Down payment
- $0
- Funds due
- $14,910
- Interest + MI left
- $508,216
- First ends
- Oct 2054
New loan
New conventional
$3,909/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $54,008
- Interest + MI left
- $580,085
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $436,867 | $382,499 |
| Second mortgage | — | — |
| First P&I | $2,821.14 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.50 |
| Taxes, insurance & HOA | $1,184.17 | $1,184.17 |
| Total housing payment | $4,005.31 | $3,909.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,910
Usable credit−$0
Total buyer cash needed$14,910
Earnest money paid−$0
Remaining funds due$14,910
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,184.34
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,062.50
Initial HOA (3 months)$2,040.00
Prepaid interest, first (2 days)$154.88
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 6.470%
Interest already paid$59,664Through Nov 2026
Assumption only · ends Oct 2054$508,216
New conventional · ends Dec 2056$580,085