Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,781/mo
+$48/mo- Down payment
- $0
- Funds due
- $14,043
- Interest + MI left
- $636,833
- First ends
- Mar 2055
New loan
New conventional
$3,733/mo
Lowest payment- Down payment
- $53,000
- Funds due
- $63,047
- Interest + MI left
- $723,401
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $534,819 | $476,999 |
| Second mortgage | — | — |
| First P&I | $3,446.03 | $3,302.64 |
| Second P&I | — | — |
| Mortgage insurance | — | $95.40 |
| Taxes, insurance & HOA | $335.25 | $335.25 |
| Total housing payment | $3,781.28 | $3,733.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,043
Usable credit−$0
Total buyer cash needed$14,043
Earnest money paid−$0
Remaining funds due$14,043
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,299.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,674.09
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$505.75
Prepaid interest, first (1 days)$95.24
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 4 moOf the original 30-year loan at 6.500%
Interest already paid$58,539Through Nov 2026
Assumption only · ends Mar 2055$636,833
New conventional · ends Dec 2056$723,401