Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,959/mo
+$181/mo- Down payment
- $20,045
- Funds due
- $37,742
- Interest + MI left
- $799,315
- First ends
- Mar 2054
New loan
New conventional
$4,778/mo
Lowest payment- Down payment
- $68,400
- Funds due
- $81,274
- Interest + MI left
- $900,102
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $663,950 | $615,595 |
| Second mortgage | — | — |
| First P&I | $4,474.82 | $4,170.25 |
| Second P&I | — | — |
| Mortgage insurance | — | $123.12 |
| Taxes, insurance & HOA | $484.25 | $484.25 |
| Total housing payment | $4,959.07 | $4,777.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,045
Closing costs & prepaids$17,697
Usable credit−$0
Total buyer cash needed$37,742
Earnest money paid−$0
Remaining funds due$37,742
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,839.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,319.75
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$820.75
Initial HOA (3 months)$132.00
Prepaid interest, first (9 days)$1,116.53
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 3 moOf the original 30-year loan at 6.82%
Interest already paid$126,619Through Dec 2026
Assumption only · ends Mar 2054$799,315
New conventional · ends Jan 2057$900,102