Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,818/mo
+$86/mo- Down payment
- $28,216
- Funds due
- $44,691
- Interest + MI left
- $771,346
- First ends
- Aug 2054
New loan
New conventional
$4,732/mo
Lowest payment- Down payment
- $62,950
- Funds due
- $74,994
- Interest + MI left
- $859,211
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $601,284 | $566,550 |
| Second mortgage | — | — |
| First P&I | $4,122.01 | $3,922.68 |
| Second P&I | — | — |
| Mortgage insurance | — | $113.31 |
| Taxes, insurance & HOA | $696.17 | $696.17 |
| Total housing payment | $4,818.18 | $4,732.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,216
Closing costs & prepaids$16,474
Usable credit−$0
Total buyer cash needed$44,691
Earnest money paid−$0
Remaining funds due$44,691
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,295.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,006.42
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$820.50
Initial HOA (3 months)$768.00
Prepaid interest, first (1 days)$116.30
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 9 moOf the original 30-year loan at 7.060%
Interest already paid$96,743Through Nov 2026
Assumption only · ends Aug 2054$771,346
New conventional · ends Dec 2056$859,211