Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,514/mo
+$873/mo- Down payment
- $0
- Funds due
- $17,642
- Interest + MI left
- $927,786
- First ends
- Oct 2054
New loan
New conventional
$4,641/mo
Lowest payment- Down payment
- $66,000
- Funds due
- $78,312
- Interest + MI left
- $868,526
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $747,344 | $594,000 |
| Second mortgage | — | — |
| First P&I | $5,015.36 | $4,023.96 |
| Second P&I | — | — |
| Mortgage insurance | — | $118.80 |
| Taxes, insurance & HOA | $498.67 | $498.67 |
| Total housing payment | $5,514.03 | $4,641.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$17,642
Usable credit−$0
Total buyer cash needed$17,642
Earnest money paid−$0
Remaining funds due$17,642
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,736.72
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$792.00
Initial HOA (3 months)$204.00
Prepaid interest, first (6 days)$841.53
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 10 moOf the original 30-year loan at 6.85%
Interest already paid$112,343Through Dec 2026
Assumption only · ends Oct 2054$927,786
New conventional · ends Jan 2057$868,526