Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,287/mo
+$254/mo- Down payment
- $22,595
- Funds due
- $35,235
- Interest + MI left
- $544,943
- First ends
- Feb 2054
New loan
New conventional
$3,032/mo
Lowest payment- Down payment
- $42,000
- Funds due
- $51,389
- Interest + MI left
- $552,699
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $397,405 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,890.64 | $2,560.70 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.60 |
| Taxes, insurance & HOA | $396.00 | $396.00 |
| Total housing payment | $3,286.64 | $3,032.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,595
Closing costs & prepaids$12,641
Usable credit−$0
Total buyer cash needed$35,235
Earnest money paid−$0
Remaining funds due$35,235
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,987.03
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$504.00
Initial HOA (3 months)$234.00
Prepaid interest, first (6 days)$497.79
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 2 moOf the original 30-year loan at 7.62%
Interest already paid$87,087Through Dec 2026
Assumption only · ends Feb 2054$544,943
New conventional · ends Jan 2057$552,699