Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,087/mo
+$595/mo- Down payment
- $0
- Funds due
- $11,796
- Interest + MI left
- $432,120
- First ends
- Sep 2054
New loan
New conventional
$2,492/mo
Lowest payment- Down payment
- $27,500
- Funds due
- $36,476
- Interest + MI left
- $357,673
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $336,848 | $247,500 |
| Second mortgage | — | — |
| First P&I | $2,309.21 | $1,664.95 |
| Second P&I | — | — |
| Mortgage insurance | — | $49.50 |
| Taxes, insurance & HOA | $777.75 | $777.75 |
| Total housing payment | $3,086.96 | $2,492.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,796
Usable credit−$0
Total buyer cash needed$11,796
Earnest money paid−$0
Remaining funds due$11,796
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,684.24
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$701.25
Initial HOA (3 months)$1,182.00
Prepaid interest, first (4 days)$260.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 9 moOf the original 30-year loan at 7.06%
Interest already paid$54,197Through Dec 2026
Assumption only · ends Sep 2054$432,120
New conventional · ends Jan 2057$357,673