Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,078/mo
Lowest payment- Down payment
- $34,937
- Funds due
- $52,275
- Interest + MI left
- $862,944
- First ends
- Apr 2055
New loan
New conventional
$5,085/mo
+$7/mo- Down payment
- $70,000
- Funds due
- $82,521
- Interest + MI left
- $955,436
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $665,062 | $629,999 |
| Second mortgage | — | — |
| First P&I | $4,480.96 | $4,361.99 |
| Second P&I | — | — |
| Mortgage insurance | — | $126.00 |
| Taxes, insurance & HOA | $596.92 | $596.92 |
| Total housing payment | $5,077.87 | $5,084.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,937
Closing costs & prepaids$17,338
Usable credit−$0
Total buyer cash needed$52,275
Earnest money paid−$0
Remaining funds due$52,275
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,325.31
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,035.75
Initial HOA (3 months)$255.00
Prepaid interest, first (2 days)$253.63
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 6.960%
Interest already paid$73,950Through Nov 2026
Assumption only · ends Apr 2055$862,944
New conventional · ends Dec 2056$955,436