Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,176/mo
Lowest payment- Down payment
- $48,915
- Funds due
- $67,353
- Interest + MI left
- $883,448
- First ends
- May 2055
New loan
New conventional
$5,411/mo
+$235/mo- Down payment
- $76,700
- Funds due
- $89,997
- Interest + MI left
- $1,046,886
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $718,085 | $690,300 |
| Second mortgage | — | — |
| First P&I | $4,682.85 | $4,779.50 |
| Second P&I | — | — |
| Mortgage insurance | — | $138.06 |
| Taxes, insurance & HOA | $493.00 | $493.00 |
| Total housing payment | $5,175.85 | $5,410.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,915
Closing costs & prepaids$18,438
Usable credit−$0
Total buyer cash needed$67,353
Earnest money paid−$0
Remaining funds due$67,353
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,670.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,590.43
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$829.00
Prepaid interest, first (1 days)$130.63
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 6 moOf the original 30-year loan at 6.640%
Interest already paid$72,169Through Nov 2026
Assumption only · ends May 2055$883,448
New conventional · ends Dec 2056$1,046,886