Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,331/mo
Lowest payment- Down payment
- $18,182
- Funds due
- $36,943
- Interest + MI left
- $858,294
- First ends
- Sep 2054
New loan
New conventional
$5,413/mo
+$82/mo- Down payment
- $76,000
- Funds due
- $89,513
- Interest + MI left
- $1,037,332
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $741,818 | $684,000 |
| Second mortgage | — | — |
| First P&I | $4,790.75 | $4,735.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $136.80 |
| Taxes, insurance & HOA | $540.25 | $540.25 |
| Total housing payment | $5,331.00 | $5,412.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,182
Closing costs & prepaids$18,760
Usable credit−$0
Total buyer cash needed$36,943
Earnest money paid−$0
Remaining funds due$36,943
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,709.09
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$610.75
Initial HOA (3 months)$360.00
Prepaid interest, first (2 days)$262.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 6.460%
Interest already paid$105,263Through Nov 2026
Assumption only · ends Sep 2054$858,294
New conventional · ends Dec 2056$1,037,332