Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,005/mo
+$517/mo- Down payment
- $0
- Funds due
- $11,901
- Interest + MI left
- $462,960
- First ends
- Apr 2054
New loan
New conventional
$2,488/mo
Lowest payment- Down payment
- $33,400
- Funds due
- $42,088
- Interest + MI left
- $439,527
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $394,232 | $300,600 |
| Second mortgage | — | — |
| First P&I | $2,613.39 | $2,036.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $60.12 |
| Taxes, insurance & HOA | $391.58 | $391.58 |
| Total housing payment | $3,004.97 | $2,488.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,901
Usable credit−$0
Total buyer cash needed$11,901
Earnest money paid−$0
Remaining funds due$11,901
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,340.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,971.16
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$400.75
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$647.40
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 4 moOf the original 30-year loan at 6.66%
Interest already paid$71,187Through Dec 2026
Assumption only · ends Apr 2054$462,960
New conventional · ends Jan 2057$439,527