Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,451/mo
Lowest payment- Down payment
- $61,233
- Funds due
- $80,522
- Interest + MI left
- $795,434
- First ends
- Sep 2053
New loan
New conventional
$5,650/mo
+$199/mo- Down payment
- $75,000
- Funds due
- $89,324
- Interest + MI left
- $1,023,681
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $688,766 | $674,999 |
| Second mortgage | — | — |
| First P&I | $4,609.32 | $4,673.56 |
| Second P&I | — | — |
| Mortgage insurance | — | $135.00 |
| Taxes, insurance & HOA | $841.67 | $841.67 |
| Total housing payment | $5,450.98 | $5,650.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,233
Closing costs & prepaids$19,289
Usable credit−$0
Total buyer cash needed$80,522
Earnest money paid−$0
Remaining funds due$80,522
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,443.83
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,875.00
Prepaid interest, first (2 days)$252.48
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 closing26 yr 10 moOf the original 30-year loan at 6.690%
Interest already paid$148,870Through Nov 2026
Assumption only · ends Sep 2053$795,434
New conventional · ends Dec 2056$1,023,681