Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,551/mo
+$206/mo- Down payment
- $0
- Funds due
- $16,013
- Interest + MI left
- $677,171
- First ends
- Nov 2054
New loan
New conventional
$4,345/mo
Lowest payment- Down payment
- $54,990
- Funds due
- $66,772
- Interest + MI left
- $750,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $576,820 | $494,910 |
| Second mortgage | — | — |
| First P&I | $3,732.12 | $3,426.66 |
| Second P&I | — | — |
| Mortgage insurance | — | $98.98 |
| Taxes, insurance & HOA | $818.92 | $818.92 |
| Total housing payment | $4,551.03 | $4,344.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$16,013
Usable credit−$0
Total buyer cash needed$16,013
Earnest money paid−$0
Remaining funds due$16,013
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,884.10
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,374.75
Initial HOA (3 months)$582.00
Prepaid interest, first (2 days)$205.44
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 yrOf the original 30-year loan at 6.500%
Interest already paid$75,929Through Nov 2026
Assumption only · ends Nov 2054$677,171
New conventional · ends Dec 2056$750,564