Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,831/mo
Lowest payment- Down payment
- $46,195
- Funds due
- $63,383
- Interest + MI left
- $701,962
- First ends
- May 2054
New loan
New conventional
$5,025/mo
+$194/mo- Down payment
- $64,500
- Funds due
- $77,265
- Interest + MI left
- $880,367
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $598,805 | $580,500 |
| Second mortgage | — | — |
| First P&I | $3,941.72 | $4,019.26 |
| Second P&I | — | — |
| Mortgage insurance | — | $116.10 |
| Taxes, insurance & HOA | $889.17 | $889.17 |
| Total housing payment | $4,830.88 | $5,024.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,195
Closing costs & prepaids$17,188
Usable credit−$0
Total buyer cash needed$63,383
Earnest money paid−$0
Remaining funds due$63,383
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,994.03
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,612.50
Initial HOA (3 months)$555.00
Prepaid interest, first (1 days)$108.44
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 6.610%
Interest already paid$100,508Through Nov 2026
Assumption only · ends May 2054$701,962
New conventional · ends Dec 2056$880,367