Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,051/mo
+$101/mo- Down payment
- $33,426
- Funds due
- $48,877
- Interest + MI left
- $636,415
- First ends
- Feb 2054
New loan
New conventional
$3,951/mo
Lowest payment- Down payment
- $54,500
- Funds due
- $66,037
- Interest + MI left
- $717,192
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $511,574 | $490,500 |
| Second mortgage | — | — |
| First P&I | $3,521.44 | $3,322.82 |
| Second P&I | — | — |
| Mortgage insurance | — | $98.10 |
| Taxes, insurance & HOA | $529.67 | $529.67 |
| Total housing payment | $4,051.11 | $3,950.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,426
Closing costs & prepaids$15,452
Usable credit−$0
Total buyer cash needed$48,877
Earnest money paid−$0
Remaining funds due$48,877
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,557.87
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$654.00
Initial HOA (3 months)$435.00
Prepaid interest, first (9 days)$886.78
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 2 moOf the original 30-year loan at 7.03%
Interest already paid$103,603Through Dec 2026
Assumption only · ends Feb 2054$636,415
New conventional · ends Jan 2057$717,192