Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,088/mo
Lowest payment- Down payment
- $51,451
- Funds due
- $66,817
- Interest + MI left
- $675,761
- First ends
- May 2055
New loan
New conventional
$4,317/mo
+$229/mo- Down payment
- $58,900
- Funds due
- $70,212
- Interest + MI left
- $803,932
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $537,549 | $530,100 |
| Second mortgage | — | — |
| First P&I | $3,547.69 | $3,670.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $106.02 |
| Taxes, insurance & HOA | $540.34 | $540.34 |
| Total housing payment | $4,088.03 | $4,316.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,451
Closing costs & prepaids$15,366
Usable credit−$0
Total buyer cash needed$66,817
Earnest money paid−$0
Remaining funds due$66,817
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,687.75
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$627.00
Initial HOA (3 months)$494.01
Prepaid interest, first (2 days)$199.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 6.760%
Interest already paid$54,990Through Nov 2026
Assumption only · ends May 2055$675,761
New conventional · ends Dec 2056$803,932