Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,439/mo
+$215/mo- Down payment
- $23,738
- Funds due
- $43,218
- Interest + MI left
- $883,465
- First ends
- Mar 2054
New loan
New conventional
$5,224/mo
Lowest payment- Down payment
- $74,990
- Funds due
- $89,259
- Interest + MI left
- $986,830
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $726,162 | $674,910 |
| Second mortgage | — | — |
| First P&I | $4,922.41 | $4,572.08 |
| Second P&I | — | — |
| Mortgage insurance | — | $134.98 |
| Taxes, insurance & HOA | $516.67 | $516.67 |
| Total housing payment | $5,439.07 | $5,223.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,738
Closing costs & prepaids$19,480
Usable credit−$0
Total buyer cash needed$43,218
Earnest money paid−$0
Remaining funds due$43,218
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,630.81
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$900.00
Prepaid interest, first (9 days)$1,231.89
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 6.88%
Interest already paid$139,676Through Dec 2026
Assumption only · ends Mar 2054$883,465
New conventional · ends Jan 2057$986,830