Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,322/mo
+$269/mo- Down payment
- $0
- Funds due
- $15,048
- Interest + MI left
- $659,030
- First ends
- Mar 2054
New loan
New conventional
$4,054/mo
Lowest payment- Down payment
- $52,500
- Funds due
- $63,559
- Interest + MI left
- $716,578
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $533,170 | $472,500 |
| Second mortgage | — | — |
| First P&I | $3,634.76 | $3,271.49 |
| Second P&I | — | — |
| Mortgage insurance | — | $94.50 |
| Taxes, insurance & HOA | $687.58 | $687.58 |
| Total housing payment | $4,322.34 | $4,053.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,048
Usable credit−$0
Total buyer cash needed$15,048
Earnest money paid−$0
Remaining funds due$15,048
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,665.85
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$688.75
Initial HOA (3 months)$873.99
Prepaid interest, first (1 days)$101.52
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 6.950%
Interest already paid$100,382Through Nov 2026
Assumption only · ends Mar 2054$659,030
New conventional · ends Dec 2056$716,578