Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,877/mo
+$180/mo- Down payment
- $6,149
- Funds due
- $21,078
- Interest + MI left
- $624,261
- First ends
- Oct 2054
New loan
New conventional
$3,697/mo
Lowest payment- Down payment
- $50,900
- Funds due
- $61,974
- Interest + MI left
- $669,818
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $502,851 | $458,100 |
| Second mortgage | — | — |
| First P&I | $3,374.58 | $3,103.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $91.62 |
| Taxes, insurance & HOA | $502.25 | $502.25 |
| Total housing payment | $3,876.83 | $3,697.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,149
Closing costs & prepaids$14,928
Usable credit−$0
Total buyer cash needed$21,078
Earnest money paid−$0
Remaining funds due$21,078
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,514.25
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$610.75
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$849.34
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 10 moOf the original 30-year loan at 6.85%
Interest already paid$75,590Through Dec 2026
Assumption only · ends Oct 2054$624,261
New conventional · ends Jan 2057$669,818