Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,476/mo
+$814/mo- Down payment
- $0
- Funds due
- $16,830
- Interest + MI left
- $912,506
- First ends
- Sep 2054
New loan
New conventional
$4,662/mo
Lowest payment- Down payment
- $64,000
- Funds due
- $75,727
- Interest + MI left
- $873,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $729,899 | $576,000 |
| Second mortgage | — | — |
| First P&I | $4,917.38 | $3,988.11 |
| Second P&I | — | — |
| Mortgage insurance | — | $115.20 |
| Taxes, insurance & HOA | $558.25 | $558.25 |
| Total housing payment | $5,475.63 | $4,661.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$16,830
Usable credit−$0
Total buyer cash needed$16,830
Earnest money paid−$0
Remaining funds due$16,830
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,649.49
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,174.75
Prepaid interest, first (1 days)$137.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.890%
Interest already paid$110,351Through Nov 2026
Assumption only · ends Sep 2054$912,506
New conventional · ends Dec 2056$873,543