Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,753/mo
Lowest payment- Down payment
- $43,698
- Funds due
- $60,507
- Interest + MI left
- $776,275
- First ends
- Feb 2055
New loan
New conventional
$4,873/mo
+$120/mo- Down payment
- $65,900
- Funds due
- $78,190
- Interest + MI left
- $899,476
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $615,302 | $593,100 |
| Second mortgage | — | — |
| First P&I | $4,104.95 | $4,106.50 |
| Second P&I | — | — |
| Mortgage insurance | — | $118.62 |
| Taxes, insurance & HOA | $647.92 | $647.92 |
| Total housing payment | $4,752.87 | $4,873.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,698
Closing costs & prepaids$16,809
Usable credit−$0
Total buyer cash needed$60,507
Earnest money paid−$0
Remaining funds due$60,507
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,076.51
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,306.75
Initial HOA (3 months)$137.01
Prepaid interest, first (2 days)$230.61
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 closing28 yr 3 moOf the original 30-year loan at 6.840%
Interest already paid$74,405Through Nov 2026
Assumption only · ends Feb 2055$776,275
New conventional · ends Dec 2056$899,476