Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,959/mo
+$177/mo- Down payment
- $0
- Funds due
- $14,360
- Interest + MI left
- $645,974
- First ends
- Jun 2055
New loan
New conventional
$3,782/mo
Lowest payment- Down payment
- $49,899
- Funds due
- $60,403
- Interest + MI left
- $681,077
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $512,052 | $449,091 |
| Second mortgage | — | — |
| First P&I | $3,376.17 | $3,109.42 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.82 |
| Taxes, insurance & HOA | $582.50 | $582.50 |
| Total housing payment | $3,958.67 | $3,781.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,360
Usable credit−$0
Total buyer cash needed$14,360
Earnest money paid−$0
Remaining funds due$14,360
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,989.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,560.26
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,247.50
Prepaid interest, first (1 days)$94.83
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 6.760%
Interest already paid$49,446Through Nov 2026
Assumption only · ends Jun 2055$645,974
New conventional · ends Dec 2056$681,077