Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,625/mo
+$433/mo- Down payment
- $0
- Funds due
- $15,434
- Interest + MI left
- $795,295
- First ends
- Oct 2054
New loan
New conventional
$4,192/mo
Lowest payment- Down payment
- $60,000
- Funds due
- $70,829
- Interest + MI left
- $818,946
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $638,322 | $540,000 |
| Second mortgage | — | — |
| First P&I | $4,279.45 | $3,738.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $108.00 |
| Taxes, insurance & HOA | $345.08 | $345.08 |
| Total housing payment | $4,624.53 | $4,191.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,434
Usable credit−$0
Total buyer cash needed$15,434
Earnest money paid−$0
Remaining funds due$15,434
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,191.61
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$525.25
Initial HOA (3 months)$9.99
Prepaid interest, first (2 days)$239.59
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 11 moOf the original 30-year loan at 6.850%
Interest already paid$92,215Through Nov 2026
Assumption only · ends Oct 2054$795,295
New conventional · ends Dec 2056$818,946