Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,871/mo
+$30/mo- Down payment
- $13,358
- Funds due
- $31,200
- Interest + MI left
- $817,604
- First ends
- Apr 2055
New loan
New conventional
$4,840/mo
Lowest payment- Down payment
- $69,999
- Funds due
- $82,929
- Interest + MI left
- $921,151
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $686,632 | $629,991 |
| Second mortgage | — | — |
| First P&I | $4,424.22 | $4,267.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $126.00 |
| Taxes, insurance & HOA | $446.67 | $446.67 |
| Total housing payment | $4,870.89 | $4,840.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,358
Closing costs & prepaids$17,842
Usable credit−$0
Total buyer cash needed$31,200
Earnest money paid−$0
Remaining funds due$31,200
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,433.16
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$840.00
Prepaid interest, first (9 days)$1,100.49
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 4 moOf the original 30-year loan at 6.5%
Interest already paid$75,156Through Dec 2026
Assumption only · ends Apr 2055$817,604
New conventional · ends Jan 2057$921,151