Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,818/mo
+$544/mo- Down payment
- $0
- Funds due
- $13,269
- Interest + MI left
- $601,086
- First ends
- May 2054
New loan
New conventional
$3,274/mo
Lowest payment- Down payment
- $44,650
- Funds due
- $54,040
- Interest + MI left
- $609,433
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $523,174 | $401,850 |
| Second mortgage | — | — |
| First P&I | $3,406.85 | $2,782.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.37 |
| Taxes, insurance & HOA | $411.17 | $411.17 |
| Total housing payment | $3,818.01 | $3,273.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,269
Usable credit−$0
Total buyer cash needed$13,269
Earnest money paid−$0
Remaining funds due$13,269
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,465.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,615.87
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$411.50
Initial HOA (3 months)$372.00
Prepaid interest, first (2 days)$186.34
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 6.500%
Interest already paid$86,379Through Nov 2026
Assumption only · ends May 2054$601,086
New conventional · ends Dec 2056$609,433