Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,070/mo
+$460/mo- Down payment
- $0
- Funds due
- $14,546
- Interest + MI left
- $662,485
- First ends
- Feb 2054
New loan
New conventional
$3,610/mo
Lowest payment- Down payment
- $49,950
- Funds due
- $60,575
- Interest + MI left
- $657,316
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $509,707 | $449,550 |
| Second mortgage | — | — |
| First P&I | $3,595.68 | $3,045.41 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.91 |
| Taxes, insurance & HOA | $474.50 | $474.50 |
| Total housing payment | $4,070.18 | $3,609.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,546
Usable credit−$0
Total buyer cash needed$14,546
Earnest money paid−$0
Remaining funds due$14,546
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,995.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,548.53
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$599.50
Initial HOA (3 months)$324.00
Prepaid interest, first (6 days)$610.81
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 7.29%
Interest already paid$106,960Through Dec 2026
Assumption only · ends Feb 2054$662,485
New conventional · ends Jan 2057$657,316