Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,231/mo
+$398/mo- Down payment
- $0
- Funds due
- $12,033
- Interest + MI left
- $506,717
- First ends
- Sep 2054
New loan
New conventional
$2,832/mo
Lowest payment- Down payment
- $37,900
- Funds due
- $46,562
- Interest + MI left
- $517,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $437,952 | $341,100 |
| Second mortgage | — | — |
| First P&I | $2,828.35 | $2,361.71 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.22 |
| Taxes, insurance & HOA | $402.42 | $402.42 |
| Total housing payment | $3,230.77 | $2,832.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,033
Usable credit−$0
Total buyer cash needed$12,033
Earnest money paid−$0
Remaining funds due$12,033
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,189.76
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$367.25
Initial HOA (3 months)$390.00
Prepaid interest, first (1 days)$77.51
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 6.460%
Interest already paid$62,145Through Nov 2026
Assumption only · ends Sep 2054$506,717
New conventional · ends Dec 2056$517,301