Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,794/mo
+$25/mo- Down payment
- $22,597
- Funds due
- $39,481
- Interest + MI left
- $878,038
- First ends
- May 2055
New loan
New conventional
$4,769/mo
Lowest payment- Down payment
- $71,000
- Funds due
- $82,945
- Interest + MI left
- $969,086
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $687,403 | $639,000 |
| Second mortgage | — | — |
| First P&I | $4,577.31 | $4,424.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $127.80 |
| Taxes, insurance & HOA | $216.67 | $216.67 |
| Total housing payment | $4,793.98 | $4,768.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,597
Closing costs & prepaids$16,884
Usable credit−$0
Total buyer cash needed$39,481
Earnest money paid−$0
Remaining funds due$39,481
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,437.02
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Prepaid interest, first (1 days)$129.01
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 6 moOf the original 30-year loan at 6.850%
Interest already paid$71,245Through Nov 2026
Assumption only · ends May 2055$878,038
New conventional · ends Dec 2056$969,086