Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,034/mo
+$190/mo- Down payment
- $10,824
- Funds due
- $28,484
- Interest + MI left
- $855,709
- First ends
- Jan 2055
New loan
New conventional
$4,843/mo
Lowest payment- Down payment
- $70,000
- Funds due
- $82,691
- Interest + MI left
- $921,164
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $689,176 | $630,000 |
| Second mortgage | — | — |
| First P&I | $4,584.23 | $4,267.84 |
| Second P&I | — | — |
| Mortgage insurance | — | $126.00 |
| Taxes, insurance & HOA | $449.42 | $449.42 |
| Total housing payment | $5,033.64 | $4,843.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,824
Closing costs & prepaids$17,660
Usable credit−$0
Total buyer cash needed$28,484
Earnest money paid−$0
Remaining funds due$28,484
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,445.88
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$840.00
Initial HOA (3 months)$8.25
Prepaid interest, first (7 days)$897.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6.79%
Interest already paid$90,711Through Dec 2026
Assumption only · ends Jan 2055$855,709
New conventional · ends Jan 2057$921,164