Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,680/mo
+$44/mo- Down payment
- $43,469
- Funds due
- $62,831
- Interest + MI left
- $882,932
- First ends
- Mar 2054
New loan
New conventional
$5,636/mo
Lowest payment- Down payment
- $74,800
- Funds due
- $89,100
- Interest + MI left
- $1,020,953
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $704,531 | $673,200 |
| Second mortgage | — | — |
| First P&I | $4,839.83 | $4,661.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $134.64 |
| Taxes, insurance & HOA | $840.00 | $840.00 |
| Total housing payment | $5,679.83 | $5,635.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,469
Closing costs & prepaids$19,362
Usable credit−$0
Total buyer cash needed$62,831
Earnest money paid−$0
Remaining funds due$62,831
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,522.66
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,870.00
Prepaid interest, first (2 days)$271.39
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 4 moOf the original 30-year loan at 7.030%
Interest already paid$134,141Through Nov 2026
Assumption only · ends Mar 2054$882,932
New conventional · ends Dec 2056$1,020,953