Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,356/mo
+$378/mo- Down payment
- $3,495
- Funds due
- $16,397
- Interest + MI left
- $541,184
- First ends
- Jan 2054
New loan
New conventional
$2,979/mo
Lowest payment- Down payment
- $39,900
- Funds due
- $49,525
- Interest + MI left
- $525,064
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $395,505 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,882.12 | $2,432.67 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.82 |
| Taxes, insurance & HOA | $474.25 | $474.25 |
| Total housing payment | $3,356.37 | $2,978.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,495
Closing costs & prepaids$12,902
Usable credit−$0
Total buyer cash needed$16,397
Earnest money paid−$0
Remaining funds due$16,397
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,977.52
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$478.75
Initial HOA (3 months)$494.01
Prepaid interest, first (9 days)$744.09
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 1 moOf the original 30-year loan at 7.63%
Interest already paid$89,379Through Dec 2026
Assumption only · ends Jan 2054$541,184
New conventional · ends Jan 2057$525,064