Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,431/mo
+$20/mo- Down payment
- $18,979
- Funds due
- $38,955
- Interest + MI left
- $854,300
- First ends
- Sep 2054
New loan
New conventional
$5,411/mo
Lowest payment- Down payment
- $76,000
- Funds due
- $90,748
- Interest + MI left
- $1,000,121
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $741,021 | $684,000 |
| Second mortgage | — | — |
| First P&I | $4,790.75 | $4,633.65 |
| Second P&I | — | — |
| Mortgage insurance | — | $136.80 |
| Taxes, insurance & HOA | $640.67 | $640.67 |
| Total housing payment | $5,431.42 | $5,411.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,979
Closing costs & prepaids$19,975
Usable credit−$0
Total buyer cash needed$38,955
Earnest money paid−$0
Remaining funds due$38,955
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,705.10
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$912.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$1,180.35
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 6.46%
Interest already paid$109,257Through Dec 2026
Assumption only · ends Sep 2054$854,300
New conventional · ends Jan 2057$1,000,121