Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,240/mo
+$597/mo- Down payment
- $0
- Funds due
- $19,944
- Interest + MI left
- $963,420
- First ends
- Apr 2054
New loan
New conventional
$5,643/mo
Lowest payment- Down payment
- $74,900
- Funds due
- $89,212
- Interest + MI left
- $1,022,318
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $813,012 | $674,100 |
| Second mortgage | — | — |
| First P&I | $5,399.49 | $4,667.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $134.82 |
| Taxes, insurance & HOA | $840.83 | $840.83 |
| Total housing payment | $6,240.32 | $5,642.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$19,944
Usable credit−$0
Total buyer cash needed$19,944
Earnest money paid−$0
Remaining funds due$19,944
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,065.06
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,872.50
Prepaid interest, first (2 days)$298.03
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 5 moOf the original 30-year loan at 6.690%
Interest already paid$142,766Through Nov 2026
Assumption only · ends Apr 2054$963,420
New conventional · ends Dec 2056$1,022,318