Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,066/mo
+$597/mo- Down payment
- $0
- Funds due
- $17,349
- Interest + MI left
- $818,943
- First ends
- Jun 2054
New loan
New conventional
$4,468/mo
Lowest payment- Down payment
- $62,500
- Funds due
- $74,931
- Interest + MI left
- $822,468
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $672,837 | $562,500 |
| Second mortgage | — | — |
| First P&I | $4,520.55 | $3,810.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $112.50 |
| Taxes, insurance & HOA | $545.00 | $545.00 |
| Total housing payment | $5,065.54 | $4,468.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$17,349
Usable credit−$0
Total buyer cash needed$17,349
Earnest money paid−$0
Remaining funds due$17,349
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,364.18
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$750.00
Initial HOA (3 months)$384.99
Prepaid interest, first (9 days)$1,131.47
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 6 moOf the original 30-year loan at 6.82%
Interest already paid$116,453Through Dec 2026
Assumption only · ends Jun 2054$818,943
New conventional · ends Jan 2057$822,468