Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,442/mo
+$118/mo- Down payment
- $11,962
- Funds due
- $25,657
- Interest + MI left
- $532,550
- First ends
- Jun 2054
New loan
New conventional
$3,324/mo
Lowest payment- Down payment
- $44,950
- Funds due
- $55,195
- Interest + MI left
- $591,519
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $437,538 | $404,550 |
| Second mortgage | — | — |
| First P&I | $2,939.66 | $2,740.56 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.91 |
| Taxes, insurance & HOA | $502.83 | $502.83 |
| Total housing payment | $3,442.49 | $3,324.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,962
Closing costs & prepaids$13,695
Usable credit−$0
Total buyer cash needed$25,657
Earnest money paid−$0
Remaining funds due$25,657
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,495.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,187.69
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$539.50
Initial HOA (3 months)$519.00
Prepaid interest, first (9 days)$735.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.82%
Interest already paid$75,728Through Dec 2026
Assumption only · ends Jun 2054$532,550
New conventional · ends Jan 2057$591,519