Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,252/mo
+$114/mo- Down payment
- $22,984
- Funds due
- $40,812
- Interest + MI left
- $887,633
- First ends
- Mar 2054
New loan
New conventional
$5,138/mo
Lowest payment- Down payment
- $74,990
- Funds due
- $87,640
- Interest + MI left
- $1,023,546
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $726,916 | $674,910 |
| Second mortgage | — | — |
| First P&I | $4,922.41 | $4,672.94 |
| Second P&I | — | — |
| Mortgage insurance | — | $134.98 |
| Taxes, insurance & HOA | $329.83 | $329.83 |
| Total housing payment | $5,252.24 | $5,137.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,984
Closing costs & prepaids$17,828
Usable credit−$0
Total buyer cash needed$40,812
Earnest money paid−$0
Remaining funds due$40,812
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,634.58
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$339.50
Prepaid interest, first (1 days)$137.02
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 4 moOf the original 30-year loan at 6.880%
Interest already paid$135,508Through Nov 2026
Assumption only · ends Mar 2054$887,633
New conventional · ends Dec 2056$1,023,546