Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,058/mo
+$61/mo- Down payment
- $23,075
- Funds due
- $40,676
- Interest + MI left
- $886,999
- First ends
- Oct 2054
New loan
New conventional
$4,998/mo
Lowest payment- Down payment
- $73,500
- Funds due
- $86,014
- Interest + MI left
- $1,003,209
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $711,925 | $661,500 |
| Second mortgage | — | — |
| First P&I | $4,772.91 | $4,580.09 |
| Second P&I | — | — |
| Mortgage insurance | — | $132.30 |
| Taxes, insurance & HOA | $285.42 | $285.42 |
| Total housing payment | $5,058.32 | $4,997.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,075
Closing costs & prepaids$17,601
Usable credit−$0
Total buyer cash needed$40,676
Earnest money paid−$0
Remaining funds due$40,676
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,559.63
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Initial HOA (3 months)$206.25
Prepaid interest, first (2 days)$267.22
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 11 moOf the original 30-year loan at 6.850%
Interest already paid$102,848Through Nov 2026
Assumption only · ends Oct 2054$886,999
New conventional · ends Dec 2056$1,003,209