Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,099/mo
Lowest payment- Down payment
- $51,310
- Funds due
- $67,267
- Interest + MI left
- $703,300
- First ends
- Apr 2056
New loan
New conventional
$4,612/mo
+$513/mo- Down payment
- $65,950
- Funds due
- $77,451
- Interest + MI left
- $900,159
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $608,190 | $593,550 |
| Second mortgage | — | — |
| First P&I | $3,715.27 | $4,109.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $118.71 |
| Taxes, insurance & HOA | $383.25 | $383.25 |
| Total housing payment | $4,098.52 | $4,611.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,310
Closing costs & prepaids$15,957
Usable credit−$0
Total buyer cash needed$67,267
Earnest money paid−$0
Remaining funds due$67,267
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,595.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,040.95
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$649.75
Prepaid interest, first (2 days)$203.62
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 5 moOf the original 30-year loan at 6.110%
Interest already paid$21,764Through Nov 2026
Assumption only · ends Apr 2056$703,300
New conventional · ends Dec 2056$900,159