Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,278/mo
+$90/mo- Down payment
- $24,257
- Funds due
- $42,327
- Interest + MI left
- $829,784
- First ends
- Oct 2053
New loan
New conventional
$5,187/mo
Lowest payment- Down payment
- $72,500
- Funds due
- $85,550
- Interest + MI left
- $989,560
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $700,743 | $652,500 |
| Second mortgage | — | — |
| First P&I | $4,738.47 | $4,517.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $130.50 |
| Taxes, insurance & HOA | $539.08 | $539.08 |
| Total housing payment | $5,277.56 | $5,187.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,257
Closing costs & prepaids$18,070
Usable credit−$0
Total buyer cash needed$42,327
Earnest money paid−$0
Remaining funds due$42,327
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,503.72
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$124.25
Initial HOA (3 months)$843.00
Prepaid interest, first (1 days)$130.74
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 closing26 yr 11 moOf the original 30-year loan at 6.810%
Interest already paid$149,966Through Nov 2026
Assumption only · ends Oct 2053$829,784
New conventional · ends Dec 2056$989,560