Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,475/mo
+$206/mo- Down payment
- $36,862
- Funds due
- $55,085
- Interest + MI left
- $947,850
- First ends
- Feb 2054
New loan
New conventional
$5,269/mo
Lowest payment- Down payment
- $76,950
- Funds due
- $89,938
- Interest + MI left
- $1,050,299
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $732,638 | $692,550 |
| Second mortgage | — | — |
| First P&I | $5,139.11 | $4,795.08 |
| Second P&I | — | — |
| Mortgage insurance | — | $138.51 |
| Taxes, insurance & HOA | $335.58 | $335.58 |
| Total housing payment | $5,474.69 | $5,269.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,862
Closing costs & prepaids$18,224
Usable credit−$0
Total buyer cash needed$55,085
Earnest money paid−$0
Remaining funds due$55,085
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,695.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,663.19
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$356.75
Prepaid interest, first (2 days)$290.65
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 3 moOf the original 30-year loan at 7.240%
Interest already paid$148,139Through Nov 2026
Assumption only · ends Feb 2054$947,850
New conventional · ends Dec 2056$1,050,299