Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,527/mo
+$293/mo- Down payment
- $0
- Funds due
- $12,842
- Interest + MI left
- $551,520
- First ends
- Mar 2054
New loan
New conventional
$3,234/mo
Lowest payment- Down payment
- $43,990
- Funds due
- $53,245
- Interest + MI left
- $600,424
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $469,645 | $395,910 |
| Second mortgage | — | — |
| First P&I | $3,113.31 | $2,741.20 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.18 |
| Taxes, insurance & HOA | $413.58 | $413.58 |
| Total housing payment | $3,526.89 | $3,233.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,842
Usable credit−$0
Total buyer cash needed$12,842
Earnest money paid−$0
Remaining funds due$12,842
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,348.23
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$448.75
Initial HOA (3 months)$342.00
Prepaid interest, first (1 days)$85.69
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 4 moOf the original 30-year loan at 6.660%
Interest already paid$84,805Through Nov 2026
Assumption only · ends Mar 2054$551,520
New conventional · ends Dec 2056$600,424