Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,563/mo
+$621/mo- Down payment
- $0
- Funds due
- $15,315
- Interest + MI left
- $727,527
- First ends
- Jul 2055
New loan
New conventional
$3,942/mo
Lowest payment- Down payment
- $48,990
- Funds due
- $60,156
- Interest + MI left
- $668,670
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $566,580 | $440,910 |
| Second mortgage | — | — |
| First P&I | $3,761.94 | $3,052.77 |
| Second P&I | — | — |
| Mortgage insurance | — | $88.18 |
| Taxes, insurance & HOA | $800.92 | $800.92 |
| Total housing payment | $4,562.86 | $3,941.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,315
Usable credit−$0
Total buyer cash needed$15,315
Earnest money paid−$0
Remaining funds due$15,315
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,832.90
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,224.75
Initial HOA (3 months)$678.00
Prepaid interest, first (2 days)$212.35
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 8 moOf the original 30-year loan at 6.840%
Interest already paid$52,071Through Nov 2026
Assumption only · ends Jul 2055$727,527
New conventional · ends Dec 2056$668,670