Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,165/mo
Lowest payment- Down payment
- $51,765
- Funds due
- $68,133
- Interest + MI left
- $677,364
- First ends
- Oct 2055
New loan
New conventional
$4,338/mo
+$173/mo- Down payment
- $58,500
- Funds due
- $70,869
- Interest + MI left
- $769,830
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $533,235 | $526,500 |
| Second mortgage | — | — |
| First P&I | $3,498.84 | $3,566.69 |
| Second P&I | — | — |
| Mortgage insurance | — | $105.30 |
| Taxes, insurance & HOA | $665.67 | $665.67 |
| Total housing payment | $4,164.51 | $4,337.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,765
Closing costs & prepaids$16,367
Usable credit−$0
Total buyer cash needed$68,133
Earnest money paid−$0
Remaining funds due$68,133
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,666.17
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$702.00
Initial HOA (3 months)$795.00
Prepaid interest, first (9 days)$886.19
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 10 moOf the original 30-year loan at 6.74%
Interest already paid$42,218Through Dec 2026
Assumption only · ends Oct 2055$677,364
New conventional · ends Jan 2057$769,830