Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,619/mo
+$143/mo- Down payment
- $25,915
- Funds due
- $42,806
- Interest + MI left
- $759,142
- First ends
- Sep 2054
New loan
New conventional
$4,476/mo
Lowest payment- Down payment
- $62,900
- Funds due
- $75,323
- Interest + MI left
- $827,732
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $603,085 | $566,100 |
| Second mortgage | — | — |
| First P&I | $4,090.77 | $3,834.96 |
| Second P&I | — | — |
| Mortgage insurance | — | $113.22 |
| Taxes, insurance & HOA | $528.25 | $528.25 |
| Total housing payment | $4,619.02 | $4,476.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,915
Closing costs & prepaids$16,892
Usable credit−$0
Total buyer cash needed$42,806
Earnest money paid−$0
Remaining funds due$42,806
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,015.43
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$754.75
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$1,033.51
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 9 moOf the original 30-year loan at 6.95%
Interest already paid$95,546Through Dec 2026
Assumption only · ends Sep 2054$759,142
New conventional · ends Jan 2057$827,732