Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,748/mo
+$70/mo- Down payment
- $15,972
- Funds due
- $36,223
- Interest + MI left
- $951,904
- First ends
- Jan 2055
New loan
New conventional
$5,678/mo
Lowest payment- Down payment
- $81,800
- Funds due
- $96,437
- Interest + MI left
- $1,076,446
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $802,028 | $736,200 |
| Second mortgage | — | — |
| First P&I | $5,204.55 | $4,987.28 |
| Second P&I | — | — |
| Mortgage insurance | — | $147.24 |
| Taxes, insurance & HOA | $543.83 | $543.83 |
| Total housing payment | $5,748.38 | $5,678.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,972
Closing costs & prepaids$20,252
Usable credit−$0
Total buyer cash needed$36,223
Earnest money paid−$0
Remaining funds due$36,223
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,180.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,010.14
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$981.50
Prepaid interest, first (6 days)$862.24
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 yr 1 moOf the original 30-year loan at 6.54%
Interest already paid$101,733Through Dec 2026
Assumption only · ends Jan 2055$951,904
New conventional · ends Jan 2057$1,076,446