Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,551/mo
+$383/mo- Down payment
- $0
- Funds due
- $13,547
- Interest + MI left
- $548,914
- First ends
- Mar 2054
New loan
New conventional
$3,168/mo
Lowest payment- Down payment
- $43,490
- Funds due
- $53,386
- Interest + MI left
- $572,306
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $469,138 | $391,410 |
| Second mortgage | — | — |
| First P&I | $3,113.31 | $2,651.55 |
| Second P&I | — | — |
| Mortgage insurance | — | $78.28 |
| Taxes, insurance & HOA | $438.00 | $438.00 |
| Total housing payment | $3,551.31 | $3,167.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,547
Usable credit−$0
Total buyer cash needed$13,547
Earnest money paid−$0
Remaining funds due$13,547
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,345.69
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$522.00
Initial HOA (3 months)$342.00
Prepaid interest, first (9 days)$770.42
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 3 moOf the original 30-year loan at 6.66%
Interest already paid$87,412Through Dec 2026
Assumption only · ends Mar 2054$548,914
New conventional · ends Jan 2057$572,306