Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,388/mo
+$235/mo- Down payment
- $14,582
- Funds due
- $33,701
- Interest + MI left
- $907,285
- First ends
- Feb 2055
New loan
New conventional
$5,152/mo
Lowest payment- Down payment
- $72,500
- Funds due
- $86,503
- Interest + MI left
- $954,063
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $710,418 | $652,500 |
| Second mortgage | — | — |
| First P&I | $4,786.10 | $4,420.26 |
| Second P&I | — | — |
| Mortgage insurance | — | $130.50 |
| Taxes, insurance & HOA | $601.67 | $601.67 |
| Total housing payment | $5,387.77 | $5,152.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,582
Closing costs & prepaids$19,119
Usable credit−$0
Total buyer cash needed$33,701
Earnest money paid−$0
Remaining funds due$33,701
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,552.09
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$870.00
Initial HOA (3 months)$285.00
Prepaid interest, first (7 days)$944.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing28 yr 2 moOf the original 30-year loan at 6.93%
Interest already paid$91,213Through Dec 2026
Assumption only · ends Feb 2055$907,285
New conventional · ends Jan 2057$954,063