Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,231/mo
+$568/mo- Down payment
- $0
- Funds due
- $12,042
- Interest + MI left
- $502,974
- First ends
- Jun 2054
New loan
New conventional
$2,663/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,813
- Interest + MI left
- $455,220
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $404,654 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,750.39 | $2,119.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $480.83 | $480.83 |
| Total housing payment | $3,231.22 | $2,662.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,042
Usable credit−$0
Total buyer cash needed$12,042
Earnest money paid−$0
Remaining funds due$12,042
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,023.27
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$892.50
Initial HOA (3 months)$99.99
Prepaid interest, first (4 days)$307.76
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$71,245Through Dec 2026
Assumption only · ends Jun 2054$502,974
New conventional · ends Jan 2057$455,220