Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,758/mo
+$21/mo- Down payment
- $0
- Funds due
- $19,880
- Interest + MI left
- $969,055
- First ends
- Jun 2056
New loan
New conventional
$5,736/mo
Lowest payment- Down payment
- $76,189
- Funds due
- $90,654
- Interest + MI left
- $1,039,918
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $772,684 | $685,705 |
| Second mortgage | — | — |
| First P&I | $4,906.31 | $4,747.68 |
| Second P&I | — | — |
| Mortgage insurance | — | $137.14 |
| Taxes, insurance & HOA | $851.58 | $851.58 |
| Total housing payment | $5,757.89 | $5,736.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$19,880
Usable credit−$0
Total buyer cash needed$19,880
Earnest money paid−$0
Remaining funds due$19,880
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,618.94
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,863.42
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,904.75
Prepaid interest, first (2 days)$275.20
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 closing29 yr 7 moOf the original 30-year loan at 6.500%
Interest already paid$20,985Through Nov 2026
Assumption only · ends Jun 2056$969,055
New conventional · ends Dec 2056$1,039,918