Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,554/mo
+$380/mo- Down payment
- $0
- Funds due
- $12,808
- Interest + MI left
- $566,116
- First ends
- Oct 2054
New loan
New conventional
$3,174/mo
Lowest payment- Down payment
- $41,590
- Funds due
- $50,907
- Interest + MI left
- $567,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $454,377 | $374,310 |
| Second mortgage | — | — |
| First P&I | $3,046.25 | $2,591.65 |
| Second P&I | — | — |
| Mortgage insurance | — | $74.86 |
| Taxes, insurance & HOA | $507.83 | $507.83 |
| Total housing payment | $3,554.08 | $3,174.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,808
Usable credit−$0
Total buyer cash needed$12,808
Earnest money paid−$0
Remaining funds due$12,808
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,159.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,271.89
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$653.50
Initial HOA (3 months)$420.00
Prepaid interest, first (1 days)$85.27
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 11 moOf the original 30-year loan at 6.850%
Interest already paid$65,641Through Nov 2026
Assumption only · ends Oct 2054$566,116
New conventional · ends Dec 2056$567,666