Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,516/mo
Lowest payment- Down payment
- $56,588
- Funds due
- $75,868
- Interest + MI left
- $838,918
- First ends
- May 2054
New loan
New conventional
$5,680/mo
+$163/mo- Down payment
- $74,950
- Funds due
- $89,230
- Interest + MI left
- $1,023,000
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $692,912 | $674,550 |
| Second mortgage | — | — |
| First P&I | $4,641.91 | $4,670.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $134.91 |
| Taxes, insurance & HOA | $874.25 | $874.25 |
| Total housing payment | $5,516.16 | $5,679.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,588
Closing costs & prepaids$19,279
Usable credit−$0
Total buyer cash needed$75,868
Earnest money paid−$0
Remaining funds due$75,868
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,495.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,464.56
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,597.75
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$128.90
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 6 moOf the original 30-year loan at 6.790%
Interest already paid$119,410Through Nov 2026
Assumption only · ends May 2054$838,918
New conventional · ends Dec 2056$1,023,000