Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,141/mo
Lowest payment- Down payment
- $50,440
- Funds due
- $66,105
- Interest + MI left
- $655,584
- First ends
- Mar 2054
New loan
New conventional
$4,206/mo
+$65/mo- Down payment
- $59,500
- Funds due
- $71,076
- Interest + MI left
- $782,990
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $544,560 | $535,500 |
| Second mortgage | — | — |
| First P&I | $3,670.17 | $3,627.66 |
| Second P&I | — | — |
| Mortgage insurance | — | $107.10 |
| Taxes, insurance & HOA | $471.25 | $471.25 |
| Total housing payment | $4,141.41 | $4,206.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,440
Closing costs & prepaids$15,665
Usable credit−$0
Total buyer cash needed$66,105
Earnest money paid−$0
Remaining funds due$66,105
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,722.80
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$714.00
Initial HOA (3 months)$199.74
Prepaid interest, first (6 days)$610.50
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 3 moOf the original 30-year loan at 6.82%
Interest already paid$103,851Through Dec 2026
Assumption only · ends Mar 2054$655,584
New conventional · ends Jan 2057$782,990