Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,089/mo
+$168/mo- Down payment
- $17,682
- Funds due
- $29,586
- Interest + MI left
- $511,053
- First ends
- Feb 2054
New loan
New conventional
$2,921/mo
Lowest payment- Down payment
- $39,990
- Funds due
- $48,781
- Interest + MI left
- $545,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $382,218 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,731.72 | $2,491.94 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.98 |
| Taxes, insurance & HOA | $356.83 | $356.83 |
| Total housing payment | $3,088.55 | $2,920.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,682
Closing costs & prepaids$11,904
Usable credit−$0
Total buyer cash needed$29,586
Earnest money paid−$0
Remaining funds due$29,586
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,911.09
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$338.50
Initial HOA (3 months)$282.00
Prepaid interest, first (2 days)$155.82
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 3 moOf the original 30-year loan at 7.440%
Interest already paid$79,375Through Nov 2026
Assumption only · ends Feb 2054$511,053
New conventional · ends Dec 2056$545,828