Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,928/mo
+$40/mo- Down payment
- $42,691
- Funds due
- $60,605
- Interest + MI left
- $791,787
- First ends
- Sep 2054
New loan
New conventional
$4,889/mo
Lowest payment- Down payment
- $67,500
- Funds due
- $80,781
- Interest + MI left
- $888,264
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $632,308 | $607,499 |
| Second mortgage | — | — |
| First P&I | $4,276.56 | $4,115.41 |
| Second P&I | — | — |
| Mortgage insurance | — | $121.50 |
| Taxes, insurance & HOA | $651.67 | $651.67 |
| Total housing payment | $4,928.23 | $4,888.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,691
Closing costs & prepaids$17,913
Usable credit−$0
Total buyer cash needed$60,605
Earnest money paid−$0
Remaining funds due$60,605
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,749.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,161.54
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$810.00
Initial HOA (3 months)$645.00
Prepaid interest, first (9 days)$1,078.91
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 6.92%
Interest already paid$99,751Through Dec 2026
Assumption only · ends Sep 2054$791,787
New conventional · ends Jan 2057$888,264