Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,103/mo
Lowest payment- Down payment
- $55,110
- Funds due
- $70,123
- Interest + MI left
- $726,576
- First ends
- Mar 2055
New loan
New conventional
$4,279/mo
+$177/mo- Down payment
- $62,000
- Funds due
- $72,781
- Interest + MI left
- $846,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $564,890 | $558,000 |
| Second mortgage | — | — |
| First P&I | $3,798.43 | $3,863.48 |
| Second P&I | — | — |
| Mortgage insurance | — | $111.60 |
| Taxes, insurance & HOA | $304.33 | $304.33 |
| Total housing payment | $4,102.76 | $4,279.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,110
Closing costs & prepaids$15,013
Usable credit−$0
Total buyer cash needed$70,123
Earnest money paid−$0
Remaining funds due$70,123
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,824.45
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$53.00
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$107.25
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 6.930%
Interest already paid$65,868Through Nov 2026
Assumption only · ends Mar 2055$726,576
New conventional · ends Dec 2056$846,245