Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,404/mo
+$591/mo- Down payment
- $0
- Funds due
- $14,725
- Interest + MI left
- $744,334
- First ends
- Jun 2055
New loan
New conventional
$3,813/mo
Lowest payment- Down payment
- $51,990
- Funds due
- $62,378
- Interest + MI left
- $709,617
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $601,799 | $467,910 |
| Second mortgage | — | — |
| First P&I | $3,924.59 | $3,239.71 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.58 |
| Taxes, insurance & HOA | $479.83 | $479.83 |
| Total housing payment | $4,404.42 | $3,813.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,725
Usable credit−$0
Total buyer cash needed$14,725
Earnest money paid−$0
Remaining funds due$14,725
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,009.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$753.50
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$109.64
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 closing28 yr 7 moOf the original 30-year loan at 6.650%
Interest already paid$57,177Through Nov 2026
Assumption only · ends Jun 2055$744,334
New conventional · ends Dec 2056$709,617