Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,448/mo
Lowest payment- Down payment
- $34,579
- Funds due
- $50,610
- Interest + MI left
- $732,965
- First ends
- Jan 2055
New loan
New conventional
$4,626/mo
+$178/mo- Down payment
- $64,995
- Funds due
- $76,514
- Interest + MI left
- $887,124
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $615,371 | $584,955 |
| Second mortgage | — | — |
| First P&I | $3,989.16 | $4,050.11 |
| Second P&I | — | — |
| Mortgage insurance | — | $116.99 |
| Taxes, insurance & HOA | $458.58 | $458.58 |
| Total housing payment | $4,447.74 | $4,625.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,579
Closing costs & prepaids$16,030
Usable credit−$0
Total buyer cash needed$50,610
Earnest money paid−$0
Remaining funds due$50,610
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,076.85
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$875.75
Prepaid interest, first (1 days)$110.26
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 2 moOf the original 30-year loan at 6.540%
Interest already paid$74,622Through Nov 2026
Assumption only · ends Jan 2055$732,965
New conventional · ends Dec 2056$887,124