Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,089/mo
+$270/mo- Down payment
- $15,939
- Funds due
- $30,177
- Interest + MI left
- $676,506
- First ends
- Feb 2054
New loan
New conventional
$3,819/mo
Lowest payment- Down payment
- $52,190
- Funds due
- $62,575
- Interest + MI left
- $712,347
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $505,961 | $469,710 |
| Second mortgage | — | — |
| First P&I | $3,616.10 | $3,252.18 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.94 |
| Taxes, insurance & HOA | $472.67 | $472.67 |
| Total housing payment | $4,088.77 | $3,818.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,939
Closing costs & prepaids$14,238
Usable credit−$0
Total buyer cash needed$30,177
Earnest money paid−$0
Remaining funds due$30,177
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,219.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,529.80
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$471.00
Initial HOA (3 months)$447.00
Prepaid interest, first (1 days)$103.13
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 3 moOf the original 30-year loan at 7.440%
Interest already paid$105,072Through Nov 2026
Assumption only · ends Feb 2054$676,506
New conventional · ends Dec 2056$712,347