Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,174/mo
+$115/mo- Down payment
- $3,306
- Funds due
- $16,111
- Interest + MI left
- $463,879
- First ends
- Oct 2054
New loan
New conventional
$3,059/mo
Lowest payment- Down payment
- $38,500
- Funds due
- $48,208
- Interest + MI left
- $506,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $381,694 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,531.66 | $2,347.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.30 |
| Taxes, insurance & HOA | $642.25 | $642.25 |
| Total housing payment | $3,173.91 | $3,058.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,306
Closing costs & prepaids$12,805
Usable credit−$0
Total buyer cash needed$16,111
Earnest money paid−$0
Remaining funds due$16,111
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,908.47
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$981.75
Initial HOA (3 months)$495.00
Prepaid interest, first (5 days)$351.89
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 10 moOf the original 30-year loan at 6.73%
Interest already paid$56,388Through Dec 2026
Assumption only · ends Oct 2054$463,879
New conventional · ends Jan 2057$506,640