Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,546/mo
+$41/mo- Down payment
- $7,173
- Funds due
- $20,594
- Interest + MI left
- $623,905
- First ends
- Jul 2055
New loan
New conventional
$3,505/mo
Lowest payment- Down payment
- $50,000
- Funds due
- $59,664
- Interest + MI left
- $682,455
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $492,827 | $450,000 |
| Second mortgage | — | — |
| First P&I | $3,246.31 | $3,115.71 |
| Second P&I | — | — |
| Mortgage insurance | — | $90.00 |
| Taxes, insurance & HOA | $299.33 | $299.33 |
| Total housing payment | $3,545.65 | $3,505.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,173
Closing costs & prepaids$13,421
Usable credit−$0
Total buyer cash needed$20,594
Earnest money paid−$0
Remaining funds due$20,594
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,464.14
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$398.00
Prepaid interest, first (1 days)$91.27
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 8 moOf the original 30-year loan at 6.760%
Interest already paid$44,768Through Nov 2026
Assumption only · ends Jul 2055$623,905
New conventional · ends Dec 2056$682,455