Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,663/mo
+$154/mo- Down payment
- $5,566
- Funds due
- $19,671
- Interest + MI left
- $611,718
- First ends
- Dec 2054
New loan
New conventional
$3,509/mo
Lowest payment- Down payment
- $50,000
- Funds due
- $60,319
- Interest + MI left
- $657,973
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $494,433 | $449,999 |
| Second mortgage | — | — |
| First P&I | $3,292.12 | $3,048.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $90.00 |
| Taxes, insurance & HOA | $370.84 | $370.84 |
| Total housing payment | $3,662.95 | $3,509.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,566
Closing costs & prepaids$14,105
Usable credit−$0
Total buyer cash needed$19,671
Earnest money paid−$0
Remaining funds due$19,671
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,472.16
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$600.00
Initial HOA (3 months)$12.51
Prepaid interest, first (6 days)$551.87
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 closing28 yrOf the original 30-year loan at 6.79%
Interest already paid$67,944Through Dec 2026
Assumption only · ends Dec 2054$611,718
New conventional · ends Jan 2057$657,973