Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,296/mo
+$155/mo- Down payment
- $0
- Funds due
- $15,222
- Interest + MI left
- $697,655
- First ends
- Oct 2054
New loan
New conventional
$4,140/mo
Lowest payment- Down payment
- $56,500
- Funds due
- $67,519
- Interest + MI left
- $771,174
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $567,931 | $508,500 |
| Second mortgage | — | — |
| First P&I | $3,777.87 | $3,520.75 |
| Second P&I | — | — |
| Mortgage insurance | — | $101.70 |
| Taxes, insurance & HOA | $517.75 | $517.75 |
| Total housing payment | $4,295.62 | $4,140.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,222
Usable credit−$0
Total buyer cash needed$15,222
Earnest money paid−$0
Remaining funds due$15,222
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,839.65
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,053.25
Prepaid interest, first (2 days)$210.68
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 closing27 yr 11 moOf the original 30-year loan at 6.770%
Interest already paid$81,103Through Nov 2026
Assumption only · ends Oct 2054$697,655
New conventional · ends Dec 2056$771,174