Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,264/mo
+$394/mo- Down payment
- $0
- Funds due
- $12,837
- Interest + MI left
- $504,359
- First ends
- Sep 2054
New loan
New conventional
$2,870/mo
Lowest payment- Down payment
- $38,790
- Funds due
- $48,180
- Interest + MI left
- $510,457
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $437,481 | $349,110 |
| Second mortgage | — | — |
| First P&I | $2,828.35 | $2,364.99 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.82 |
| Taxes, insurance & HOA | $435.17 | $435.17 |
| Total housing payment | $3,263.52 | $2,869.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,837
Usable credit−$0
Total buyer cash needed$12,837
Earnest money paid−$0
Remaining funds due$12,837
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,879.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,187.41
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$465.50
Initial HOA (3 months)$390.00
Prepaid interest, first (9 days)$696.85
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 9 moOf the original 30-year loan at 6.46%
Interest already paid$64,503Through Dec 2026
Assumption only · ends Sep 2054$504,359
New conventional · ends Jan 2057$510,457