Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,772/mo
+$155/mo- Down payment
- $24,954
- Funds due
- $41,829
- Interest + MI left
- $801,477
- First ends
- Sep 2054
New loan
New conventional
$4,617/mo
Lowest payment- Down payment
- $66,500
- Funds due
- $78,696
- Interest + MI left
- $875,106
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $640,046 | $598,500 |
| Second mortgage | — | — |
| First P&I | $4,328.90 | $4,054.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $119.70 |
| Taxes, insurance & HOA | $443.09 | $443.09 |
| Total housing payment | $4,771.99 | $4,617.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,954
Closing costs & prepaids$16,876
Usable credit−$0
Total buyer cash needed$41,829
Earnest money paid−$0
Remaining funds due$41,829
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,200.23
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$798.00
Initial HOA (3 months)$31.26
Prepaid interest, first (6 days)$728.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.92%
Interest already paid$100,972Through Dec 2026
Assumption only · ends Sep 2054$801,477
New conventional · ends Jan 2057$875,106