Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,797/mo
+$171/mo- Down payment
- $28,801
- Funds due
- $46,137
- Interest + MI left
- $767,809
- First ends
- Aug 2054
New loan
New conventional
$4,626/mo
Lowest payment- Down payment
- $62,950
- Funds due
- $75,817
- Interest + MI left
- $828,390
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $600,699 | $566,550 |
| Second mortgage | — | — |
| First P&I | $4,122.01 | $3,838.01 |
| Second P&I | — | — |
| Mortgage insurance | — | $113.31 |
| Taxes, insurance & HOA | $674.50 | $674.50 |
| Total housing payment | $4,796.51 | $4,625.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,801
Closing costs & prepaids$17,336
Usable credit−$0
Total buyer cash needed$46,137
Earnest money paid−$0
Remaining funds due$46,137
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,295.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,003.50
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$755.50
Initial HOA (3 months)$768.00
Prepaid interest, first (9 days)$1,045.71
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 8 moOf the original 30-year loan at 7.06%
Interest already paid$100,280Through Dec 2026
Assumption only · ends Aug 2054$767,809
New conventional · ends Jan 2057$828,390