Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,748/mo
Lowest payment- Down payment
- $53,079
- Funds due
- $70,313
- Interest + MI left
- $728,655
- First ends
- Nov 2054
New loan
New conventional
$5,056/mo
+$308/mo- Down payment
- $67,490
- Funds due
- $80,173
- Interest + MI left
- $921,178
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $621,821 | $607,410 |
| Second mortgage | — | — |
| First P&I | $4,019.28 | $4,205.58 |
| Second P&I | — | — |
| Mortgage insurance | — | $121.48 |
| Taxes, insurance & HOA | $729.08 | $729.08 |
| Total housing payment | $4,748.36 | $5,056.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,079
Closing costs & prepaids$17,234
Usable credit−$0
Total buyer cash needed$70,313
Earnest money paid−$0
Remaining funds due$70,313
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,109.11
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,687.25
Prepaid interest, first (2 days)$221.13
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 6.490%
Interest already paid$81,729Through Nov 2026
Assumption only · ends Nov 2054$728,655
New conventional · ends Dec 2056$921,178