Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,952/mo
+$1,175/mo- Down payment
- $0
- Funds due
- $15,610
- Interest + MI left
- $777,146
- First ends
- May 2054
New loan
New conventional
$3,777/mo
Lowest payment- Down payment
- $50,500
- Funds due
- $61,460
- Interest + MI left
- $656,817
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $645,375 | $454,500 |
| Second mortgage | — | — |
| First P&I | $4,323.77 | $3,057.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $90.90 |
| Taxes, insurance & HOA | $628.59 | $628.59 |
| Total housing payment | $4,952.36 | $3,776.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,610
Usable credit−$0
Total buyer cash needed$15,610
Earnest money paid−$0
Remaining funds due$15,610
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,226.88
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,287.75
Initial HOA (3 months)$98.01
Prepaid interest, first (4 days)$479.52
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 5 moOf the original 30-year loan at 6.78%
Interest already paid$114,823Through Dec 2026
Assumption only · ends May 2054$777,146
New conventional · ends Jan 2057$656,817