Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,378/mo
+$286/mo- Down payment
- $0
- Funds due
- $12,953
- Interest + MI left
- $560,696
- First ends
- Oct 2054
New loan
New conventional
$3,092/mo
Lowest payment- Down payment
- $44,000
- Funds due
- $53,392
- Interest + MI left
- $579,017
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $457,268 | $396,000 |
| Second mortgage | — | — |
| First P&I | $3,047.80 | $2,682.64 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.20 |
| Taxes, insurance & HOA | $329.83 | $329.83 |
| Total housing payment | $3,377.63 | $3,091.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,953
Usable credit−$0
Total buyer cash needed$12,953
Earnest money paid−$0
Remaining funds due$12,953
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,286.34
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Initial HOA (3 months)$11.49
Prepaid interest, first (6 days)$509.63
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 6.78%
Interest already paid$68,047Through Dec 2026
Assumption only · ends Oct 2054$560,696
New conventional · ends Jan 2057$579,017