Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,597/mo
+$362/mo- Down payment
- $18,290
- Funds due
- $33,774
- Interest + MI left
- $703,327
- First ends
- Jan 2054
New loan
New conventional
$4,234/mo
Lowest payment- Down payment
- $52,000
- Funds due
- $63,650
- Interest + MI left
- $709,753
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $501,710 | $468,000 |
| Second mortgage | — | — |
| First P&I | $3,696.43 | $3,240.34 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.60 |
| Taxes, insurance & HOA | $900.08 | $900.08 |
| Total housing payment | $4,596.51 | $4,234.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,290
Closing costs & prepaids$15,483
Usable credit−$0
Total buyer cash needed$33,774
Earnest money paid−$0
Remaining funds due$33,774
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,508.55
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,930.25
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$106.66
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 2 moOf the original 30-year loan at 7.760%
Interest already paid$111,921Through Nov 2026
Assumption only · ends Jan 2054$703,327
New conventional · ends Dec 2056$709,753