Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,898/mo
+$60/mo- Down payment
- $22,440
- Funds due
- $37,292
- Interest + MI left
- $597,460
- First ends
- Jul 2054
New loan
New conventional
$3,837/mo
Lowest payment- Down payment
- $51,500
- Funds due
- $62,579
- Interest + MI left
- $677,714
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $492,560 | $463,500 |
| Second mortgage | — | — |
| First P&I | $3,293.11 | $3,139.91 |
| Second P&I | — | — |
| Mortgage insurance | — | $92.70 |
| Taxes, insurance & HOA | $604.42 | $604.42 |
| Total housing payment | $3,897.53 | $3,837.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,440
Closing costs & prepaids$14,852
Usable credit−$0
Total buyer cash needed$37,292
Earnest money paid−$0
Remaining funds due$37,292
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,462.80
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,313.25
Prepaid interest, first (5 days)$457.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 7 moOf the original 30-year loan at 6.78%
Interest already paid$81,890Through Dec 2026
Assumption only · ends Jul 2054$597,460
New conventional · ends Jan 2057$677,714