Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,635/mo
+$230/mo- Down payment
- $3,738
- Funds due
- $17,593
- Interest + MI left
- $596,016
- First ends
- May 2054
New loan
New conventional
$3,405/mo
Lowest payment- Down payment
- $48,500
- Funds due
- $58,637
- Interest + MI left
- $638,235
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $481,262 | $436,500 |
| Second mortgage | — | — |
| First P&I | $3,274.40 | $2,957.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $87.30 |
| Taxes, insurance & HOA | $360.67 | $360.67 |
| Total housing payment | $3,635.07 | $3,404.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$3,738
Closing costs & prepaids$13,855
Usable credit−$0
Total buyer cash needed$17,593
Earnest money paid−$0
Remaining funds due$17,593
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,406.31
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$582.00
Prepaid interest, first (6 days)$549.03
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 5 moOf the original 30-year loan at 6.94%
Interest already paid$87,606Through Dec 2026
Assumption only · ends May 2054$596,016
New conventional · ends Jan 2057$638,235