Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,089/mo
Lowest payment- Down payment
- $27,225
- Funds due
- $45,573
- Interest + MI left
- $745,948
- First ends
- Jan 2054
New loan
New conventional
$5,275/mo
+$186/mo- Down payment
- $71,500
- Funds due
- $84,913
- Interest + MI left
- $975,911
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $687,775 | $643,500 |
| Second mortgage | — | — |
| First P&I | $4,397.92 | $4,455.46 |
| Second P&I | — | — |
| Mortgage insurance | — | $128.70 |
| Taxes, insurance & HOA | $690.83 | $690.83 |
| Total housing payment | $5,088.76 | $5,275.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,225
Closing costs & prepaids$18,348
Usable credit−$0
Total buyer cash needed$45,573
Earnest money paid−$0
Remaining funds due$45,573
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,438.87
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$882.50
Initial HOA (3 months)$540.00
Prepaid interest, first (1 days)$118.15
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 2 moOf the original 30-year loan at 6.270%
Interest already paid$124,534Through Nov 2026
Assumption only · ends Jan 2054$745,948
New conventional · ends Dec 2056$975,911