Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,320/mo
Lowest payment- Down payment
- $17,175
- Funds due
- $33,774
- Interest + MI left
- $662,971
- First ends
- Nov 2054
New loan
New conventional
$4,368/mo
+$47/mo- Down payment
- $60,000
- Funds due
- $72,336
- Interest + MI left
- $789,568
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $582,824 | $539,999 |
| Second mortgage | — | — |
| First P&I | $3,718.79 | $3,658.14 |
| Second P&I | — | — |
| Mortgage insurance | — | $108.00 |
| Taxes, insurance & HOA | $601.67 | $601.67 |
| Total housing payment | $4,320.46 | $4,367.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,175
Closing costs & prepaids$16,600
Usable credit−$0
Total buyer cash needed$33,774
Earnest money paid−$0
Remaining funds due$33,774
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,914.12
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$720.00
Initial HOA (3 months)$585.00
Prepaid interest, first (9 days)$912.56
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 11 moOf the original 30-year loan at 6.35%
Interest already paid$78,144Through Dec 2026
Assumption only · ends Nov 2054$662,971
New conventional · ends Jan 2057$789,568