Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,695/mo
Lowest payment- Down payment
- $40,264
- Funds due
- $57,359
- Interest + MI left
- $759,086
- First ends
- Dec 2054
New loan
New conventional
$4,717/mo
+$22/mo- Down payment
- $65,490
- Funds due
- $78,075
- Interest + MI left
- $861,815
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $614,636 | $589,410 |
| Second mortgage | — | — |
| First P&I | $4,088.46 | $3,992.87 |
| Second P&I | — | — |
| Mortgage insurance | — | $117.88 |
| Taxes, insurance & HOA | $606.67 | $606.67 |
| Total housing payment | $4,695.13 | $4,717.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,264
Closing costs & prepaids$17,095
Usable credit−$0
Total buyer cash needed$57,359
Earnest money paid−$0
Remaining funds due$57,359
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,549.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,073.18
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$786.00
Initial HOA (3 months)$534.00
Prepaid interest, first (6 days)$685.02
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 closing28 yrOf the original 30-year loan at 6.78%
Interest already paid$84,339Through Dec 2026
Assumption only · ends Dec 2054$759,086
New conventional · ends Jan 2057$861,815