Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,160/mo
+$48/mo- Down payment
- $22,422
- Funds due
- $35,224
- Interest + MI left
- $490,674
- First ends
- Mar 2054
New loan
New conventional
$3,112/mo
Lowest payment- Down payment
- $43,000
- Funds due
- $52,541
- Interest + MI left
- $565,858
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $407,578 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,746.95 | $2,621.67 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.40 |
| Taxes, insurance & HOA | $413.00 | $413.00 |
| Total housing payment | $3,159.95 | $3,112.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,422
Closing costs & prepaids$12,802
Usable credit−$0
Total buyer cash needed$35,224
Earnest money paid−$0
Remaining funds due$35,224
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,037.89
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$516.00
Initial HOA (3 months)$273.00
Prepaid interest, first (6 days)$456.93
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 3 moOf the original 30-year loan at 6.82%
Interest already paid$77,727Through Dec 2026
Assumption only · ends Mar 2054$490,674
New conventional · ends Jan 2057$565,858