Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,425/mo
+$58/mo- Down payment
- $11,511
- Funds due
- $24,503
- Interest + MI left
- $535,039
- First ends
- Jun 2054
New loan
New conventional
$3,367/mo
Lowest payment- Down payment
- $44,950
- Funds due
- $54,509
- Interest + MI left
- $613,527
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $437,989 | $404,550 |
| Second mortgage | — | — |
| First P&I | $2,939.66 | $2,801.02 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.91 |
| Taxes, insurance & HOA | $485.50 | $485.50 |
| Total housing payment | $3,425.16 | $3,367.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,511
Closing costs & prepaids$12,991
Usable credit−$0
Total buyer cash needed$24,503
Earnest money paid−$0
Remaining funds due$24,503
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,495.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,189.94
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$487.50
Initial HOA (3 months)$519.00
Prepaid interest, first (1 days)$81.84
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 7 moOf the original 30-year loan at 6.820%
Interest already paid$73,239Through Nov 2026
Assumption only · ends Jun 2054$535,039
New conventional · ends Dec 2056$613,527