Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,695/mo
Lowest payment- Down payment
- $6,276
- Funds due
- $22,790
- Interest + MI left
- $753,367
- First ends
- Nov 2054
New loan
New conventional
$4,698/mo
+$3/mo- Down payment
- $64,800
- Funds due
- $76,672
- Interest + MI left
- $884,462
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $641,724 | $583,200 |
| Second mortgage | — | — |
| First P&I | $4,152.05 | $4,037.96 |
| Second P&I | — | — |
| Mortgage insurance | — | $116.64 |
| Taxes, insurance & HOA | $542.92 | $542.92 |
| Total housing payment | $4,694.97 | $4,697.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,276
Closing costs & prepaids$16,514
Usable credit−$0
Total buyer cash needed$22,790
Earnest money paid−$0
Remaining funds due$22,790
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,208.62
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$726.75
Initial HOA (3 months)$402.00
Prepaid interest, first (2 days)$228.56
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 closing28 yrOf the original 30-year loan at 6.500%
Interest already paid$84,473Through Nov 2026
Assumption only · ends Nov 2054$753,367
New conventional · ends Dec 2056$884,462