Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,313/mo
Lowest payment- Down payment
- $40,788
- Funds due
- $56,836
- Interest + MI left
- $680,889
- First ends
- Nov 2055
New loan
New conventional
$4,507/mo
+$195/mo- Down payment
- $57,500
- Funds due
- $69,522
- Interest + MI left
- $784,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $534,212 | $517,500 |
| Second mortgage | — | — |
| First P&I | $3,491.67 | $3,583.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $103.50 |
| Taxes, insurance & HOA | $820.83 | $820.83 |
| Total housing payment | $4,312.50 | $4,507.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,788
Closing costs & prepaids$16,048
Usable credit−$0
Total buyer cash needed$56,836
Earnest money paid−$0
Remaining funds due$56,836
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,671.06
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,437.50
Initial HOA (3 months)$525.00
Prepaid interest, first (2 days)$196.71
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 yrOf the original 30-year loan at 6.720%
Interest already paid$36,112Through Nov 2026
Assumption only · ends Nov 2055$680,889
New conventional · ends Dec 2056$784,824