Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,540/mo
+$17/mo- Down payment
- $47,263
- Funds due
- $63,720
- Interest + MI left
- $714,646
- First ends
- Sep 2054
New loan
New conventional
$4,524/mo
Lowest payment- Down payment
- $61,500
- Funds due
- $73,710
- Interest + MI left
- $799,887
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $567,737 | $553,500 |
| Second mortgage | — | — |
| First P&I | $3,851.00 | $3,723.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $110.70 |
| Taxes, insurance & HOA | $689.42 | $689.42 |
| Total housing payment | $4,540.42 | $4,523.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,263
Closing costs & prepaids$16,457
Usable credit−$0
Total buyer cash needed$63,720
Earnest money paid−$0
Remaining funds due$63,720
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,838.68
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,568.25
Prepaid interest, first (4 days)$432.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 9 moOf the original 30-year loan at 6.95%
Interest already paid$89,946Through Dec 2026
Assumption only · ends Sep 2054$714,646
New conventional · ends Jan 2057$799,887