Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,081/mo
Lowest payment- Down payment
- $28,030
- Funds due
- $47,292
- Interest + MI left
- $742,355
- First ends
- Jan 2054
New loan
New conventional
$5,171/mo
+$90/mo- Down payment
- $71,500
- Funds due
- $85,897
- Interest + MI left
- $940,903
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $686,970 | $643,500 |
| Second mortgage | — | — |
| First P&I | $4,397.92 | $4,359.29 |
| Second P&I | — | — |
| Mortgage insurance | — | $128.70 |
| Taxes, insurance & HOA | $682.67 | $682.67 |
| Total housing payment | $5,080.59 | $5,170.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,030
Closing costs & prepaids$19,263
Usable credit−$0
Total buyer cash needed$47,292
Earnest money paid−$0
Remaining funds due$47,292
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,434.85
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$858.00
Initial HOA (3 months)$540.00
Prepaid interest, first (9 days)$1,062.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 6.27%
Interest already paid$128,128Through Dec 2026
Assumption only · ends Jan 2054$742,355
New conventional · ends Jan 2057$940,903