Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,774/mo
+$656/mo- Down payment
- $0
- Funds due
- $15,463
- Interest + MI left
- $801,949
- First ends
- Jan 2055
New loan
New conventional
$4,118/mo
Lowest payment- Down payment
- $57,500
- Funds due
- $68,249
- Interest + MI left
- $784,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $665,940 | $517,500 |
| Second mortgage | — | — |
| First P&I | $4,342.87 | $3,583.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $103.50 |
| Taxes, insurance & HOA | $431.50 | $431.50 |
| Total housing payment | $4,774.36 | $4,118.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,463
Usable credit−$0
Total buyer cash needed$15,463
Earnest money paid−$0
Remaining funds due$15,463
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,329.70
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$694.50
Initial HOA (3 months)$99.99
Prepaid interest, first (1 days)$120.42
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 6.600%
Interest already paid$81,485Through Nov 2026
Assumption only · ends Jan 2055$801,949
New conventional · ends Dec 2056$784,824