Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,341/mo
+$203/mo- Down payment
- $28,907
- Funds due
- $44,906
- Interest + MI left
- $720,965
- First ends
- Jul 2054
New loan
New conventional
$4,139/mo
Lowest payment- Down payment
- $57,990
- Funds due
- $69,804
- Interest + MI left
- $763,119
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $550,993 | $521,910 |
| Second mortgage | — | — |
| First P&I | $3,842.77 | $3,535.60 |
| Second P&I | — | — |
| Mortgage insurance | — | $104.38 |
| Taxes, insurance & HOA | $498.67 | $498.67 |
| Total housing payment | $4,341.44 | $4,138.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,907
Closing costs & prepaids$15,999
Usable credit−$0
Total buyer cash needed$44,906
Earnest money paid−$0
Remaining funds due$44,906
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,754.96
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$696.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$980.92
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 7 moOf the original 30-year loan at 7.22%
Interest already paid$97,438Through Dec 2026
Assumption only · ends Jul 2054$720,965
New conventional · ends Jan 2057$763,119