Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,247/mo
+$125/mo- Down payment
- $28,383
- Funds due
- $43,230
- Interest + MI left
- $724,283
- First ends
- Jul 2054
New loan
New conventional
$4,122/mo
Lowest payment- Down payment
- $57,990
- Funds due
- $68,703
- Interest + MI left
- $791,512
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $551,517 | $521,910 |
| Second mortgage | — | — |
| First P&I | $3,842.77 | $3,613.60 |
| Second P&I | — | — |
| Mortgage insurance | — | $104.38 |
| Taxes, insurance & HOA | $404.42 | $404.42 |
| Total housing payment | $4,247.19 | $4,122.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,383
Closing costs & prepaids$14,847
Usable credit−$0
Total buyer cash needed$43,230
Earnest money paid−$0
Remaining funds due$43,230
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,757.59
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$413.25
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$109.09
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 8 moOf the original 30-year loan at 7.220%
Interest already paid$94,120Through Nov 2026
Assumption only · ends Jul 2054$724,283
New conventional · ends Dec 2056$791,512