Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,390/mo
+$80/mo- Down payment
- $30,015
- Funds due
- $49,206
- Interest + MI left
- $792,188
- First ends
- Apr 2054
New loan
New conventional
$5,310/mo
Lowest payment- Down payment
- $69,500
- Funds due
- $83,880
- Interest + MI left
- $914,584
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $664,985 | $625,500 |
| Second mortgage | — | — |
| First P&I | $4,442.60 | $4,237.35 |
| Second P&I | — | — |
| Mortgage insurance | — | $125.10 |
| Taxes, insurance & HOA | $947.67 | $947.67 |
| Total housing payment | $5,390.27 | $5,310.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,015
Closing costs & prepaids$19,191
Usable credit−$0
Total buyer cash needed$49,206
Earnest money paid−$0
Remaining funds due$49,206
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,324.92
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$834.00
Initial HOA (3 months)$1,509.00
Prepaid interest, first (9 days)$1,105.15
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 4 moOf the original 30-year loan at 6.74%
Interest already paid$121,491Through Dec 2026
Assumption only · ends Apr 2054$792,188
New conventional · ends Jan 2057$914,584