Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,059/mo
Lowest payment- Down payment
- $21,837
- Funds due
- $34,057
- Interest + MI left
- $491,964
- First ends
- Aug 2054
New loan
New conventional
$3,094/mo
+$35/mo- Down payment
- $42,450
- Funds due
- $51,441
- Interest + MI left
- $579,405
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $402,663 | $382,050 |
| Second mortgage | — | — |
| First P&I | $2,686.57 | $2,645.24 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.41 |
| Taxes, insurance & HOA | $372.83 | $372.83 |
| Total housing payment | $3,059.40 | $3,094.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,837
Closing costs & prepaids$12,220
Usable credit−$0
Total buyer cash needed$34,057
Earnest money paid−$0
Remaining funds due$34,057
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,245.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,013.31
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$380.50
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$74.80
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 9 moOf the original 30-year loan at 6.780%
Interest already paid$62,259Through Nov 2026
Assumption only · ends Aug 2054$491,964
New conventional · ends Dec 2056$579,405