Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,104/mo
Lowest payment- Down payment
- $27,404
- Funds due
- $39,866
- Interest + MI left
- $484,343
- First ends
- Jul 2054
New loan
New conventional
$3,152/mo
+$48/mo- Down payment
- $41,900
- Funds due
- $51,197
- Interest + MI left
- $571,898
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,596 | $377,100 |
| Second mortgage | — | — |
| First P&I | $2,638.37 | $2,610.96 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.42 |
| Taxes, insurance & HOA | $466.00 | $466.00 |
| Total housing payment | $3,104.37 | $3,152.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,404
Closing costs & prepaids$12,461
Usable credit−$0
Total buyer cash needed$39,866
Earnest money paid−$0
Remaining funds due$39,866
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,957.98
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$615.00
Initial HOA (3 months)$333.00
Prepaid interest, first (2 days)$147.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 6.870%
Interest already paid$63,644Through Nov 2026
Assumption only · ends Jul 2054$484,343
New conventional · ends Dec 2056$571,898