Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,288/mo
Lowest payment- Down payment
- $0
- Funds due
- $15,738
- Interest + MI left
- $708,511
- First ends
- Jul 2056
New loan
New conventional
$4,312/mo
+$24/mo- Down payment
- $55,999
- Funds due
- $67,583
- Interest + MI left
- $764,336
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $560,946 | $503,991 |
| Second mortgage | — | — |
| First P&I | $3,565.89 | $3,489.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $100.80 |
| Taxes, insurance & HOA | $721.67 | $721.67 |
| Total housing payment | $4,287.55 | $4,312.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,738
Usable credit−$0
Total buyer cash needed$15,738
Earnest money paid−$0
Remaining funds due$15,738
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,599.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,804.73
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,440.00
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$200.40
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 closing29 yr 8 moOf the original 30-year loan at 6.520%
Interest already paid$12,219Through Nov 2026
Assumption only · ends Jul 2056$708,511
New conventional · ends Dec 2056$764,336