Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,399/mo
+$838/mo- Down payment
- $0
- Funds due
- $11,599
- Interest + MI left
- $570,567
- First ends
- Sep 2054
New loan
New conventional
$2,561/mo
Lowest payment- Down payment
- $34,999
- Funds due
- $43,138
- Interest + MI left
- $477,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $458,793 | $314,991 |
| Second mortgage | — | — |
| First P&I | $3,081.92 | $2,180.93 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $316.83 | $316.83 |
| Total housing payment | $3,398.75 | $2,560.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,599
Usable credit−$0
Total buyer cash needed$11,599
Earnest money paid−$0
Remaining funds due$11,599
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,293.97
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$314.50
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$86.23
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 6.860%
Interest already paid$69,066Through Nov 2026
Assumption only · ends Sep 2054$570,567
New conventional · ends Dec 2056$477,705