Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,563/mo
+$67/mo- Down payment
- $37,972
- Funds due
- $54,454
- Interest + MI left
- $771,289
- First ends
- Oct 2054
New loan
New conventional
$4,497/mo
Lowest payment- Down payment
- $64,850
- Funds due
- $76,829
- Interest + MI left
- $853,393
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $610,528 | $583,650 |
| Second mortgage | — | — |
| First P&I | $4,137.17 | $3,953.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $116.73 |
| Taxes, insurance & HOA | $426.08 | $426.08 |
| Total housing payment | $4,563.26 | $4,496.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,972
Closing costs & prepaids$16,481
Usable credit−$0
Total buyer cash needed$54,454
Earnest money paid−$0
Remaining funds due$54,454
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,485.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,052.64
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$778.25
Prepaid interest, first (6 days)$697.51
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 6.95%
Interest already paid$93,094Through Dec 2026
Assumption only · ends Oct 2054$771,289
New conventional · ends Jan 2057$853,393