Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,350/mo
+$78/mo- Down payment
- $20,694
- Funds due
- $33,438
- Interest + MI left
- $548,481
- First ends
- May 2054
New loan
New conventional
$3,273/mo
Lowest payment- Down payment
- $45,000
- Funds due
- $54,351
- Interest + MI left
- $614,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $429,306 | $405,000 |
| Second mortgage | — | — |
| First P&I | $2,962.99 | $2,804.14 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.00 |
| Taxes, insurance & HOA | $387.42 | $387.42 |
| Total housing payment | $3,350.41 | $3,272.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,694
Closing costs & prepaids$12,744
Usable credit−$0
Total buyer cash needed$33,438
Earnest money paid−$0
Remaining funds due$33,438
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,146.53
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$436.25
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$167.02
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 7.100%
Interest already paid$77,295Through Nov 2026
Assumption only · ends May 2054$548,481
New conventional · ends Dec 2056$614,210