Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,424/mo
Lowest payment- Down payment
- $53,832
- Funds due
- $69,775
- Interest + MI left
- $767,855
- First ends
- Mar 2055
New loan
New conventional
$4,597/mo
+$173/mo- Down payment
- $65,500
- Funds due
- $77,001
- Interest + MI left
- $894,016
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $601,168 | $589,500 |
| Second mortgage | — | — |
| First P&I | $4,026.54 | $4,081.58 |
| Second P&I | — | — |
| Mortgage insurance | — | $117.90 |
| Taxes, insurance & HOA | $397.42 | $397.42 |
| Total housing payment | $4,423.96 | $4,596.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,832
Closing costs & prepaids$15,943
Usable credit−$0
Total buyer cash needed$69,775
Earnest money paid−$0
Remaining funds due$69,775
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,005.84
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$692.25
Prepaid interest, first (2 days)$226.96
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 4 moOf the original 30-year loan at 6.890%
Interest already paid$69,699Through Nov 2026
Assumption only · ends Mar 2055$767,855
New conventional · ends Dec 2056$894,016