Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,102/mo
+$216/mo- Down payment
- $2,671
- Funds due
- $17,772
- Interest + MI left
- $668,713
- First ends
- Jun 2054
New loan
New conventional
$3,886/mo
Lowest payment- Down payment
- $55,500
- Funds due
- $66,465
- Interest + MI left
- $730,352
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $552,329 | $499,500 |
| Second mortgage | — | — |
| First P&I | $3,700.13 | $3,383.79 |
| Second P&I | — | — |
| Mortgage insurance | — | $99.90 |
| Taxes, insurance & HOA | $401.92 | $401.92 |
| Total housing payment | $4,102.05 | $3,885.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$2,671
Closing costs & prepaids$15,102
Usable credit−$0
Total buyer cash needed$17,772
Earnest money paid−$0
Remaining funds due$17,772
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,761.65
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$666.00
Initial HOA (3 months)$39.75
Prepaid interest, first (6 days)$616.49
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 6 moOf the original 30-year loan at 6.79%
Interest already paid$95,183Through Dec 2026
Assumption only · ends Jun 2054$668,713
New conventional · ends Jan 2057$730,352