Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,443/mo
+$200/mo- Down payment
- $1,903
- Funds due
- $21,297
- Interest + MI left
- $943,951
- First ends
- Oct 2055
New loan
New conventional
$5,243/mo
Lowest payment- Down payment
- $74,500
- Funds due
- $88,603
- Interest + MI left
- $980,382
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $743,097 | $670,500 |
| Second mortgage | — | — |
| First P&I | $4,875.86 | $4,542.20 |
| Second P&I | — | — |
| Mortgage insurance | — | $134.10 |
| Taxes, insurance & HOA | $566.67 | $566.67 |
| Total housing payment | $5,442.53 | $5,242.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,903
Closing costs & prepaids$19,394
Usable credit−$0
Total buyer cash needed$21,297
Earnest money paid−$0
Remaining funds due$21,297
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,715.49
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$894.00
Initial HOA (3 months)$156.00
Prepaid interest, first (7 days)$960.53
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 10 moOf the original 30-year loan at 6.74%
Interest already paid$58,834Through Dec 2026
Assumption only · ends Oct 2055$943,951
New conventional · ends Jan 2057$980,382