Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,362/mo
+$67/mo- Down payment
- $25,886
- Funds due
- $38,711
- Interest + MI left
- $541,730
- First ends
- Jun 2054
New loan
New conventional
$3,295/mo
Lowest payment- Down payment
- $43,990
- Funds due
- $53,508
- Interest + MI left
- $600,424
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $414,014 | $395,910 |
| Second mortgage | — | — |
| First P&I | $2,887.44 | $2,741.20 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.18 |
| Taxes, insurance & HOA | $474.50 | $474.50 |
| Total housing payment | $3,361.94 | $3,294.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,886
Closing costs & prepaids$12,824
Usable credit−$0
Total buyer cash needed$38,711
Earnest money paid−$0
Remaining funds due$38,711
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,070.07
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$571.50
Initial HOA (3 months)$402.00
Prepaid interest, first (2 days)$163.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7.220%
Interest already paid$73,215Through Nov 2026
Assumption only · ends Jun 2054$541,730
New conventional · ends Dec 2056$600,424