Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,490/mo
Lowest payment- Down payment
- $57,095
- Funds due
- $73,974
- Interest + MI left
- $745,768
- First ends
- Aug 2054
New loan
New conventional
$4,567/mo
+$77/mo- Down payment
- $65,900
- Funds due
- $78,347
- Interest + MI left
- $867,210
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $601,905 | $593,100 |
| Second mortgage | — | — |
| First P&I | $4,059.26 | $4,017.87 |
| Second P&I | — | — |
| Mortgage insurance | — | $118.62 |
| Taxes, insurance & HOA | $430.25 | $430.25 |
| Total housing payment | $4,489.51 | $4,566.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,095
Closing costs & prepaids$16,879
Usable credit−$0
Total buyer cash needed$73,974
Earnest money paid−$0
Remaining funds due$73,974
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,009.52
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$790.75
Prepaid interest, first (9 days)$1,021.09
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 8 moOf the original 30-year loan at 6.88%
Interest already paid$97,964Through Dec 2026
Assumption only · ends Aug 2054$745,768
New conventional · ends Jan 2057$867,210