Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,861/mo
Lowest payment- Down payment
- $12,657
- Funds due
- $29,495
- Interest + MI left
- $821,327
- First ends
- Apr 2055
New loan
New conventional
$4,925/mo
+$64/mo- Down payment
- $69,999
- Funds due
- $81,913
- Interest + MI left
- $955,424
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $687,333 | $629,991 |
| Second mortgage | — | — |
| First P&I | $4,424.22 | $4,361.93 |
| Second P&I | — | — |
| Mortgage insurance | — | $126.00 |
| Taxes, insurance & HOA | $437.00 | $437.00 |
| Total housing payment | $4,861.22 | $4,924.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,657
Closing costs & prepaids$16,838
Usable credit−$0
Total buyer cash needed$29,495
Earnest money paid−$0
Remaining funds due$29,495
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,436.66
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$811.00
Prepaid interest, first (1 days)$122.40
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 5 moOf the original 30-year loan at 6.500%
Interest already paid$71,433Through Nov 2026
Assumption only · ends Apr 2055$821,327
New conventional · ends Dec 2056$955,424