Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,164/mo
Lowest payment- Down payment
- $30,523
- Funds due
- $46,015
- Interest + MI left
- $625,818
- First ends
- Sep 2055
New loan
New conventional
$4,255/mo
+$91/mo- Down payment
- $51,450
- Funds due
- $63,218
- Interest + MI left
- $702,246
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $483,977 | $463,050 |
| Second mortgage | — | — |
| First P&I | $3,207.50 | $3,206.06 |
| Second P&I | — | — |
| Mortgage insurance | — | $92.61 |
| Taxes, insurance & HOA | $956.25 | $956.25 |
| Total housing payment | $4,163.75 | $4,254.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,523
Closing costs & prepaids$15,492
Usable credit−$0
Total buyer cash needed$46,015
Earnest money paid−$0
Remaining funds due$46,015
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,145.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,419.89
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$2,368.75
Prepaid interest, first (1 days)$90.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 6.840%
Interest already paid$38,882Through Nov 2026
Assumption only · ends Sep 2055$625,818
New conventional · ends Dec 2056$702,246