Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,531/mo
+$102/mo- Down payment
- $34,674
- Funds due
- $53,400
- Interest + MI left
- $936,886
- First ends
- Aug 2054
New loan
New conventional
$5,429/mo
Lowest payment- Down payment
- $76,500
- Funds due
- $90,013
- Interest + MI left
- $1,044,157
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $730,326 | $688,500 |
| Second mortgage | — | — |
| First P&I | $5,006.64 | $4,767.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $137.70 |
| Taxes, insurance & HOA | $524.58 | $524.58 |
| Total housing payment | $5,531.22 | $5,429.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,674
Closing costs & prepaids$18,726
Usable credit−$0
Total buyer cash needed$53,400
Earnest money paid−$0
Remaining funds due$53,400
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,651.63
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$898.75
Initial HOA (3 months)$24.99
Prepaid interest, first (2 days)$282.53
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 9 moOf the original 30-year loan at 7.060%
Interest already paid$117,505Through Nov 2026
Assumption only · ends Aug 2054$936,886
New conventional · ends Dec 2056$1,044,157