Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,718/mo
Lowest payment- Down payment
- $56,043
- Funds due
- $73,184
- Interest + MI left
- $768,213
- First ends
- May 2054
New loan
New conventional
$4,800/mo
+$82/mo- Down payment
- $69,400
- Funds due
- $81,891
- Interest + MI left
- $913,269
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $637,957 | $624,600 |
| Second mortgage | — | — |
| First P&I | $4,274.07 | $4,231.26 |
| Second P&I | — | — |
| Mortgage insurance | — | $124.92 |
| Taxes, insurance & HOA | $444.25 | $444.25 |
| Total housing payment | $4,718.32 | $4,800.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,043
Closing costs & prepaids$17,142
Usable credit−$0
Total buyer cash needed$73,184
Earnest money paid−$0
Remaining funds due$73,184
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,940.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,189.79
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$832.75
Prepaid interest, first (6 days)$711.02
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 closing27 yr 5 moOf the original 30-year loan at 6.78%
Interest already paid$113,503Through Dec 2026
Assumption only · ends May 2054$768,213
New conventional · ends Jan 2057$913,269