Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,497/mo
+$259/mo- Down payment
- $0
- Funds due
- $15,612
- Interest + MI left
- $741,524
- First ends
- Apr 2055
New loan
New conventional
$4,238/mo
Lowest payment- Down payment
- $57,500
- Funds due
- $68,715
- Interest + MI left
- $784,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $603,757 | $517,500 |
| Second mortgage | — | — |
| First P&I | $3,945.11 | $3,583.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $103.50 |
| Taxes, insurance & HOA | $551.58 | $551.58 |
| Total housing payment | $4,496.69 | $4,238.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,612
Usable credit−$0
Total buyer cash needed$15,612
Earnest money paid−$0
Remaining funds due$15,612
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,018.78
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$986.75
Initial HOA (3 months)$168.00
Prepaid interest, first (2 days)$220.00
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 closing28 yr 5 moOf the original 30-year loan at 6.650%
Interest already paid$64,178Through Nov 2026
Assumption only · ends Apr 2055$741,524
New conventional · ends Dec 2056$784,824