Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,571/mo
+$302/mo- Down payment
- $0
- Funds due
- $12,946
- Interest + MI left
- $612,113
- First ends
- May 2054
New loan
New conventional
$3,270/mo
Lowest payment- Down payment
- $47,500
- Funds due
- $56,709
- Interest + MI left
- $648,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $492,459 | $427,500 |
| Second mortgage | — | — |
| First P&I | $3,347.19 | $2,959.92 |
| Second P&I | — | — |
| Mortgage insurance | — | $85.50 |
| Taxes, insurance & HOA | $224.08 | $224.08 |
| Total housing payment | $3,571.27 | $3,269.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,946
Usable credit−$0
Total buyer cash needed$12,946
Earnest money paid−$0
Remaining funds due$12,946
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,462.30
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$172.25
Prepaid interest, first (1 days)$93.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 6.940%
Interest already paid$86,705Through Nov 2026
Assumption only · ends May 2054$612,113
New conventional · ends Dec 2056$648,333