Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,666/mo
+$33/mo- Down payment
- $28,062
- Funds due
- $39,602
- Interest + MI left
- $421,136
- First ends
- May 2054
New loan
New conventional
$2,634/mo
Lowest payment- Down payment
- $35,890
- Funds due
- $44,619
- Interest + MI left
- $472,294
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $330,838 | $323,010 |
| Second mortgage | — | — |
| First P&I | $2,285.63 | $2,188.18 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.60 |
| Taxes, insurance & HOA | $380.75 | $380.75 |
| Total housing payment | $2,666.38 | $2,633.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,062
Closing costs & prepaids$11,540
Usable credit−$0
Total buyer cash needed$39,602
Earnest money paid−$0
Remaining funds due$39,602
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,589.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,654.19
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$592.25
Initial HOA (3 months)$99.99
Prepaid interest, first (6 days)$386.13
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5 moOf the original 30-year loan at 7.1%
Interest already paid$61,585Through Dec 2026
Assumption only · ends May 2054$421,136
New conventional · ends Jan 2057$472,294