Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,864/mo
+$89/mo- Down payment
- $19,348
- Funds due
- $35,771
- Interest + MI left
- $803,093
- First ends
- Mar 2054
New loan
New conventional
$4,775/mo
Lowest payment- Down payment
- $68,400
- Funds due
- $80,024
- Interest + MI left
- $933,591
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $664,647 | $615,595 |
| Second mortgage | — | — |
| First P&I | $4,474.82 | $4,262.26 |
| Second P&I | — | — |
| Mortgage insurance | — | $123.12 |
| Taxes, insurance & HOA | $389.25 | $389.25 |
| Total housing payment | $4,864.07 | $4,774.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,348
Closing costs & prepaids$16,423
Usable credit−$0
Total buyer cash needed$35,771
Earnest money paid−$0
Remaining funds due$35,771
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,839.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,323.24
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$535.75
Initial HOA (3 months)$132.00
Prepaid interest, first (1 days)$124.19
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 6.820%
Interest already paid$122,842Through Nov 2026
Assumption only · ends Mar 2054$803,093
New conventional · ends Dec 2056$933,591