Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,801/mo
+$906/mo- Down payment
- $0
- Funds due
- $15,212
- Interest + MI left
- $708,303
- First ends
- Oct 2054
New loan
New conventional
$3,895/mo
Lowest payment- Down payment
- $45,000
- Funds due
- $56,137
- Interest + MI left
- $614,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $561,577 | $405,000 |
| Second mortgage | — | — |
| First P&I | $3,790.69 | $2,804.14 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.00 |
| Taxes, insurance & HOA | $1,010.00 | $1,010.00 |
| Total housing payment | $4,800.69 | $3,895.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,212
Usable credit−$0
Total buyer cash needed$15,212
Earnest money paid−$0
Remaining funds due$15,212
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,807.88
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$663.00
Initial HOA (3 months)$1,917.00
Prepaid interest, first (1 days)$106.47
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 11 moOf the original 30-year loan at 6.920%
Interest already paid$81,944Through Nov 2026
Assumption only · ends Oct 2054$708,303
New conventional · ends Dec 2056$614,210