Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,959/mo
+$86/mo- Down payment
- $9,648
- Funds due
- $24,110
- Interest + MI left
- $627,134
- First ends
- Oct 2054
New loan
New conventional
$3,873/mo
Lowest payment- Down payment
- $51,300
- Funds due
- $61,939
- Interest + MI left
- $700,199
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $503,352 | $461,700 |
| Second mortgage | — | — |
| First P&I | $3,374.58 | $3,196.72 |
| Second P&I | — | — |
| Mortgage insurance | — | $92.34 |
| Taxes, insurance & HOA | $584.33 | $584.33 |
| Total housing payment | $3,958.92 | $3,873.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,648
Closing costs & prepaids$14,462
Usable credit−$0
Total buyer cash needed$24,110
Earnest money paid−$0
Remaining funds due$24,110
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,130.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,516.76
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$857.00
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$94.46
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 6.850%
Interest already paid$72,717Through Nov 2026
Assumption only · ends Oct 2054$627,134
New conventional · ends Dec 2056$700,199