Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,790/mo
+$271/mo- Down payment
- $0
- Funds due
- $16,303
- Interest + MI left
- $694,852
- First ends
- Jun 2053
New loan
New conventional
$4,520/mo
Lowest payment- Down payment
- $59,990
- Funds due
- $71,804
- Interest + MI left
- $818,810
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $618,389 | $539,910 |
| Second mortgage | — | — |
| First P&I | $4,116.74 | $3,738.23 |
| Second P&I | — | — |
| Mortgage insurance | — | $107.98 |
| Taxes, insurance & HOA | $673.50 | $673.50 |
| Total housing payment | $4,790.24 | $4,519.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$16,303
Usable credit−$0
Total buyer cash needed$16,303
Earnest money paid−$0
Remaining funds due$16,303
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,091.95
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,520.50
Prepaid interest, first (2 days)$223.64
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 closing26 yr 7 moOf the original 30-year loan at 6.600%
Interest already paid$142,584Through Nov 2026
Assumption only · ends Jun 2053$694,852
New conventional · ends Dec 2056$818,810