Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,457/mo
+$616/mo- Down payment
- $0
- Funds due
- $17,485
- Interest + MI left
- $847,645
- First ends
- Sep 2054
New loan
New conventional
$4,842/mo
Lowest payment- Down payment
- $64,000
- Funds due
- $76,383
- 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 | $728,556 | $576,000 |
| Second mortgage | — | — |
| First P&I | $4,719.16 | $3,988.11 |
| Second P&I | — | — |
| Mortgage insurance | — | $115.20 |
| Taxes, insurance & HOA | $738.25 | $738.25 |
| Total housing payment | $5,457.41 | $4,841.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$17,485
Usable credit−$0
Total buyer cash needed$17,485
Earnest money paid−$0
Remaining funds due$17,485
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%)$3,642.78
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,174.75
Initial HOA (3 months)$540.00
Prepaid interest, first (2 days)$259.09
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 10 moOf the original 30-year loan at 6.490%
Interest already paid$103,854Through Nov 2026
Assumption only · ends Sep 2054$847,645
New conventional · ends Dec 2056$873,543