Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,227/mo
+$414/mo- Down payment
- $0
- Funds due
- $15,292
- Interest + MI left
- $662,211
- First ends
- Oct 2054
New loan
New conventional
$3,813/mo
Lowest payment- Down payment
- $54,000
- Funds due
- $64,878
- Interest + MI left
- $710,612
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $608,202 | $486,000 |
| Second mortgage | — | — |
| First P&I | $3,803.63 | $3,292.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $97.20 |
| Taxes, insurance & HOA | $423.00 | $423.00 |
| Total housing payment | $4,226.63 | $3,812.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,292
Usable credit−$0
Total buyer cash needed$15,292
Earnest money paid−$0
Remaining funds due$15,292
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,041.01
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$648.00
Initial HOA (3 months)$120.99
Prepaid interest, first (6 days)$613.87
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 10 moOf the original 30-year loan at 6.14%
Interest already paid$82,096Through Dec 2026
Assumption only · ends Oct 2054$662,211
New conventional · ends Jan 2057$710,612