Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,935/mo
+$301/mo- Down payment
- $0
- Funds due
- $14,066
- Interest + MI left
- $633,247
- First ends
- May 2054
New loan
New conventional
$3,634/mo
Lowest payment- Down payment
- $50,000
- Funds due
- $60,141
- Interest + MI left
- $682,455
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $523,964 | $450,000 |
| Second mortgage | — | — |
| First P&I | $3,506.70 | $3,115.71 |
| Second P&I | — | — |
| Mortgage insurance | — | $90.00 |
| Taxes, insurance & HOA | $427.83 | $427.83 |
| Total housing payment | $3,934.53 | $3,633.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,066
Usable credit−$0
Total buyer cash needed$14,066
Earnest money paid−$0
Remaining funds due$14,066
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,619.82
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$411.50
Initial HOA (3 months)$372.00
Prepaid interest, first (2 days)$194.66
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 6 moOf the original 30-year loan at 6.780%
Interest already paid$90,164Through Nov 2026
Assumption only · ends May 2054$633,247
New conventional · ends Dec 2056$682,455