Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,989/mo
Lowest payment- Down payment
- $27,745
- Funds due
- $39,733
- Interest + MI left
- $483,709
- First ends
- May 2054
New loan
New conventional
$3,017/mo
+$28/mo- Down payment
- $41,690
- Funds due
- $50,524
- Interest + MI left
- $569,031
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $389,155 | $375,210 |
| Second mortgage | — | — |
| First P&I | $2,645.05 | $2,597.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.04 |
| Taxes, insurance & HOA | $343.75 | $343.75 |
| Total housing payment | $2,988.80 | $3,016.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,745
Closing costs & prepaids$11,988
Usable credit−$0
Total buyer cash needed$39,733
Earnest money paid−$0
Remaining funds due$39,733
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,169.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,945.78
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$299.25
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$73.99
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 6 moOf the original 30-year loan at 6.940%
Interest already paid$68,517Through Nov 2026
Assumption only · ends May 2054$483,709
New conventional · ends Dec 2056$569,031