Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,234/mo
+$251/mo- Down payment
- $0
- Funds due
- $12,563
- Interest + MI left
- $501,861
- First ends
- Jun 2054
New loan
New conventional
$2,983/mo
Lowest payment- Down payment
- $39,990
- Funds due
- $49,314
- Interest + MI left
- $520,121
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $403,759 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,744.30 | $2,421.14 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.98 |
| Taxes, insurance & HOA | $489.92 | $489.92 |
| Total housing payment | $3,234.22 | $2,983.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,563
Usable credit−$0
Total buyer cash needed$12,563
Earnest money paid−$0
Remaining funds due$12,563
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,018.79
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,019.75
Prepaid interest, first (4 days)$307.08
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 6 moOf the original 30-year loan at 6.94%
Interest already paid$71,088Through Dec 2026
Assumption only · ends Jun 2054$501,861
New conventional · ends Jan 2057$520,121