Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,347/mo
+$126/mo- Down payment
- $26,283
- Funds due
- $39,634
- Interest + MI left
- $539,239
- First ends
- Jun 2054
New loan
New conventional
$3,221/mo
Lowest payment- Down payment
- $43,990
- Funds due
- $54,005
- Interest + MI left
- $578,886
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $413,617 | $395,910 |
| Second mortgage | — | — |
| First P&I | $2,887.44 | $2,682.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.18 |
| Taxes, insurance & HOA | $460.00 | $460.00 |
| Total housing payment | $3,347.44 | $3,221.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,283
Closing costs & prepaids$13,351
Usable credit−$0
Total buyer cash needed$39,634
Earnest money paid−$0
Remaining funds due$39,634
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,068.09
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Initial HOA (3 months)$402.00
Prepaid interest, first (9 days)$736.35
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 7.22%
Interest already paid$75,706Through Dec 2026
Assumption only · ends Jun 2054$539,239
New conventional · ends Jan 2057$578,886