Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,204/mo
Lowest payment- Down payment
- $40,844
- Funds due
- $56,103
- Interest + MI left
- $685,355
- First ends
- Jun 2054
New loan
New conventional
$4,324/mo
+$121/mo- Down payment
- $60,990
- Funds due
- $72,008
- Interest + MI left
- $832,459
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $569,056 | $548,910 |
| Second mortgage | — | — |
| First P&I | $3,789.76 | $3,800.54 |
| Second P&I | — | — |
| Mortgage insurance | — | $109.78 |
| Taxes, insurance & HOA | $414.09 | $414.09 |
| Total housing payment | $4,203.85 | $4,324.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,844
Closing costs & prepaids$15,260
Usable credit−$0
Total buyer cash needed$56,103
Earnest money paid−$0
Remaining funds due$56,103
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,845.28
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$673.50
Initial HOA (3 months)$68.76
Prepaid interest, first (1 days)$105.08
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 7 moOf the original 30-year loan at 6.740%
Interest already paid$94,059Through Nov 2026
Assumption only · ends Jun 2054$685,355
New conventional · ends Dec 2056$832,459