Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,567/mo
Lowest payment- Down payment
- $35,320
- Funds due
- $51,242
- Interest + MI left
- $762,638
- First ends
- Sep 2054
New loan
New conventional
$4,574/mo
+$6/mo- Down payment
- $63,900
- Funds due
- $75,373
- Interest + MI left
- $872,178
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $603,680 | $575,100 |
| Second mortgage | — | — |
| First P&I | $4,090.77 | $3,981.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $115.02 |
| Taxes, insurance & HOA | $476.67 | $476.67 |
| Total housing payment | $4,567.44 | $4,573.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,320
Closing costs & prepaids$15,921
Usable credit−$0
Total buyer cash needed$51,242
Earnest money paid−$0
Remaining funds due$51,242
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,018.40
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$600.00
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$114.95
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 10 moOf the original 30-year loan at 6.950%
Interest already paid$92,050Through Nov 2026
Assumption only · ends Sep 2054$762,638
New conventional · ends Dec 2056$872,178