Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,367/mo
+$136/mo- Down payment
- $0
- Funds due
- $17,912
- Interest + MI left
- $844,891
- First ends
- Jan 2055
New loan
New conventional
$5,231/mo
Lowest payment- Down payment
- $69,900
- Funds due
- $82,741
- Interest + MI left
- $954,072
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $715,906 | $629,100 |
| Second mortgage | — | — |
| First P&I | $4,617.75 | $4,355.76 |
| Second P&I | — | — |
| Mortgage insurance | — | $125.82 |
| Taxes, insurance & HOA | $749.17 | $749.17 |
| Total housing payment | $5,366.91 | $5,230.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$17,912
Usable credit−$0
Total buyer cash needed$17,912
Earnest money paid−$0
Remaining funds due$17,912
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,579.53
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,747.50
Prepaid interest, first (1 days)$127.29
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 6.490%
Interest already paid$86,159Through Nov 2026
Assumption only · ends Jan 2055$844,891
New conventional · ends Dec 2056$954,072