Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,462/mo
+$141/mo- Down payment
- $0
- Funds due
- $18,483
- Interest + MI left
- $862,389
- First ends
- Jan 2056
New loan
New conventional
$5,321/mo
Lowest payment- Down payment
- $68,775
- Funds due
- $82,125
- Interest + MI left
- $938,717
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $730,424 | $618,975 |
| Second mortgage | — | — |
| First P&I | $4,550.89 | $4,285.66 |
| Second P&I | — | — |
| Mortgage insurance | — | $123.80 |
| Taxes, insurance & HOA | $911.58 | $911.58 |
| Total housing payment | $5,462.48 | $5,321.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$18,483
Usable credit−$0
Total buyer cash needed$18,483
Earnest money paid−$0
Remaining funds due$18,483
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,877.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,652.12
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$2,234.75
Prepaid interest, first (2 days)$250.95
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 2 moOf the original 30-year loan at 6.270%
Interest already paid$38,371Through Nov 2026
Assumption only · ends Jan 2056$862,389
New conventional · ends Dec 2056$938,717