Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,031/mo
+$466/mo- Down payment
- $0
- Funds due
- $11,513
- Interest + MI left
- $458,679
- First ends
- Apr 2054
New loan
New conventional
$2,566/mo
Lowest payment- Down payment
- $33,000
- Funds due
- $41,416
- Interest + MI left
- $450,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $390,572 | $297,000 |
| Second mortgage | — | — |
| First P&I | $2,581.31 | $2,056.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.40 |
| Taxes, insurance & HOA | $450.17 | $450.17 |
| Total housing payment | $3,031.48 | $2,565.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,513
Usable credit−$0
Total buyer cash needed$11,513
Earnest money paid−$0
Remaining funds due$11,513
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,952.86
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$576.50
Initial HOA (3 months)$324.00
Prepaid interest, first (2 days)$142.10
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 5 moOf the original 30-year loan at 6.640%
Interest already paid$68,082Through Nov 2026
Assumption only · ends Apr 2054$458,679
New conventional · ends Dec 2056$450,420