Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,068/mo
+$45/mo- Down payment
- $31,320
- Funds due
- $44,085
- Interest + MI left
- $487,128
- First ends
- May 2054
New loan
New conventional
$3,023/mo
Lowest payment- Down payment
- $41,400
- Funds due
- $51,034
- Interest + MI left
- $544,803
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $382,680 | $372,600 |
| Second mortgage | — | — |
| First P&I | $2,643.79 | $2,524.12 |
| Second P&I | — | — |
| Mortgage insurance | — | $74.52 |
| Taxes, insurance & HOA | $424.58 | $424.58 |
| Total housing payment | $3,068.38 | $3,023.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,320
Closing costs & prepaids$12,765
Usable credit−$0
Total buyer cash needed$44,085
Earnest money paid−$0
Remaining funds due$44,085
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,140.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,913.40
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$496.75
Initial HOA (3 months)$327.00
Prepaid interest, first (9 days)$669.95
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 5 moOf the original 30-year loan at 7.1%
Interest already paid$71,235Through Dec 2026
Assumption only · ends May 2054$487,128
New conventional · ends Jan 2057$544,803