Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,163/mo
+$981/mo- Down payment
- $0
- Funds due
- $16,992
- Interest + MI left
- $864,631
- First ends
- Nov 2054
New loan
New conventional
$4,183/mo
Lowest payment- Down payment
- $58,500
- Funds due
- $70,404
- Interest + MI left
- $769,830
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $693,973 | $526,500 |
| Second mortgage | — | — |
| First P&I | $4,652.55 | $3,566.69 |
| Second P&I | — | — |
| Mortgage insurance | — | $105.30 |
| Taxes, insurance & HOA | $510.67 | $510.67 |
| Total housing payment | $5,163.22 | $4,182.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$16,992
Usable credit−$0
Total buyer cash needed$16,992
Earnest money paid−$0
Remaining funds due$16,992
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,469.86
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$702.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$1,172.15
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 11 moOf the original 30-year loan at 6.85%
Interest already paid$100,255Through Dec 2026
Assumption only · ends Nov 2054$864,631
New conventional · ends Jan 2057$769,830