Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,773/mo
+$734/mo- Down payment
- $0
- Funds due
- $16,417
- Interest + MI left
- $798,287
- First ends
- Jan 2055
New loan
New conventional
$4,039/mo
Lowest payment- Down payment
- $57,500
- Funds due
- $69,056
- Interest + MI left
- $756,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $665,260 | $517,500 |
| Second mortgage | — | — |
| First P&I | $4,342.87 | $3,505.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $103.50 |
| Taxes, insurance & HOA | $430.00 | $430.00 |
| Total housing payment | $4,772.86 | $4,039.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$16,417
Usable credit−$0
Total buyer cash needed$16,417
Earnest money paid−$0
Remaining funds due$16,417
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,326.30
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$690.00
Initial HOA (3 months)$99.99
Prepaid interest, first (9 days)$1,082.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 6.6%
Interest already paid$85,148Through Dec 2026
Assumption only · ends Jan 2055$798,287
New conventional · ends Jan 2057$756,671