Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,566/mo
Lowest payment- Down payment
- $32,552
- Funds due
- $46,455
- Interest + MI left
- $524,551
- First ends
- May 2054
New loan
New conventional
$3,627/mo
+$61/mo- Down payment
- $45,900
- Funds due
- $56,426
- Interest + MI left
- $626,494
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $426,448 | $413,100 |
| Second mortgage | — | — |
| First P&I | $2,881.82 | $2,860.22 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.62 |
| Taxes, insurance & HOA | $684.17 | $684.17 |
| Total housing payment | $3,565.98 | $3,627.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,552
Closing costs & prepaids$13,904
Usable credit−$0
Total buyer cash needed$46,455
Earnest money paid−$0
Remaining funds due$46,455
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,132.24
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,147.50
Initial HOA (3 months)$405.00
Prepaid interest, first (2 days)$160.77
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 6.880%
Interest already paid$74,446Through Nov 2026
Assumption only · ends May 2054$524,551
New conventional · ends Dec 2056$626,494