Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,065/mo
+$477/mo- Down payment
- $0
- Funds due
- $16,311
- Interest + MI left
- $882,988
- First ends
- Jan 2055
New loan
New conventional
$4,588/mo
Lowest payment- Down payment
- $66,000
- Funds due
- $77,304
- Interest + MI left
- $900,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $708,617 | $594,000 |
| Second mortgage | — | — |
| First P&I | $4,708.89 | $4,112.74 |
| Second P&I | — | — |
| Mortgage insurance | — | $118.80 |
| Taxes, insurance & HOA | $356.08 | $356.08 |
| Total housing payment | $5,064.97 | $4,587.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$16,311
Usable credit−$0
Total buyer cash needed$16,311
Earnest money paid−$0
Remaining funds due$16,311
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,543.08
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$139.25
Initial HOA (3 months)$429.00
Prepaid interest, first (1 days)$131.82
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 6.790%
Interest already paid$89,168Through Nov 2026
Assumption only · ends Jan 2055$882,988
New conventional · ends Dec 2056$900,841