Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,246/mo
Lowest payment- Down payment
- $29,311
- Funds due
- $47,212
- Interest + MI left
- $795,927
- First ends
- Apr 2054
New loan
New conventional
$5,259/mo
+$13/mo- Down payment
- $69,500
- Funds due
- $82,592
- Interest + MI left
- $948,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $665,689 | $625,500 |
| Second mortgage | — | — |
| First P&I | $4,442.60 | $4,330.84 |
| Second P&I | — | — |
| Mortgage insurance | — | $125.10 |
| Taxes, insurance & HOA | $802.92 | $802.92 |
| Total housing payment | $5,245.52 | $5,258.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,311
Closing costs & prepaids$17,901
Usable credit−$0
Total buyer cash needed$47,212
Earnest money paid−$0
Remaining funds due$47,212
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,328.44
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$399.75
Initial HOA (3 months)$1,509.00
Prepaid interest, first (2 days)$245.85
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 5 moOf the original 30-year loan at 6.740%
Interest already paid$117,752Through Nov 2026
Assumption only · ends Apr 2054$795,927
New conventional · ends Dec 2056$948,613