Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,407/mo
+$322/mo- Down payment
- $0
- Funds due
- $15,097
- Interest + MI left
- $747,239
- First ends
- Sep 2054
New loan
New conventional
$4,085/mo
Lowest payment- Down payment
- $57,500
- Funds due
- $68,256
- Interest + MI left
- $784,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $591,491 | $517,500 |
| Second mortgage | — | — |
| First P&I | $4,008.17 | $3,583.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $103.50 |
| Taxes, insurance & HOA | $398.83 | $398.83 |
| Total housing payment | $4,407.00 | $4,085.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,097
Usable credit−$0
Total buyer cash needed$15,097
Earnest money paid−$0
Remaining funds due$15,097
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,957.45
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$596.50
Initial HOA (3 months)$99.99
Prepaid interest, first (2 days)$225.25
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 10 moOf the original 30-year loan at 6.950%
Interest already paid$90,191Through Nov 2026
Assumption only · ends Sep 2054$747,239
New conventional · ends Dec 2056$784,824