Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,069/mo
Lowest payment- Down payment
- $42,065
- Funds due
- $59,444
- Interest + MI left
- $795,437
- First ends
- Sep 2054
New loan
New conventional
$5,120/mo
+$51/mo- Down payment
- $67,500
- Funds due
- $80,250
- Interest + MI left
- $921,313
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $632,934 | $607,499 |
| Second mortgage | — | — |
| First P&I | $4,276.56 | $4,206.20 |
| Second P&I | — | — |
| Mortgage insurance | — | $121.50 |
| Taxes, insurance & HOA | $792.17 | $792.17 |
| Total housing payment | $5,068.73 | $5,119.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,065
Closing costs & prepaids$17,379
Usable credit−$0
Total buyer cash needed$59,444
Earnest money paid−$0
Remaining funds due$59,444
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,749.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,164.67
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,231.50
Initial HOA (3 months)$645.00
Prepaid interest, first (1 days)$120.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.920%
Interest already paid$96,101Through Nov 2026
Assumption only · ends Sep 2054$795,437
New conventional · ends Dec 2056$921,313