Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,795/mo
Lowest payment- Down payment
- $44,296
- Funds due
- $59,550
- Interest + MI left
- $639,520
- First ends
- May 2055
New loan
New conventional
$3,939/mo
+$144/mo- Down payment
- $56,500
- Funds due
- $67,838
- Interest + MI left
- $743,511
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $520,704 | $508,500 |
| Second mortgage | — | — |
| First P&I | $3,402.41 | $3,444.76 |
| Second P&I | — | — |
| Mortgage insurance | — | $101.70 |
| Taxes, insurance & HOA | $392.67 | $392.67 |
| Total housing payment | $3,795.08 | $3,939.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,296
Closing costs & prepaids$15,253
Usable credit−$0
Total buyer cash needed$59,550
Earnest money paid−$0
Remaining funds due$59,550
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,603.52
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$678.00
Prepaid interest, first (9 days)$853.81
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 5 moOf the original 30-year loan at 6.65%
Interest already paid$55,349Through Dec 2026
Assumption only · ends May 2055$639,520
New conventional · ends Jan 2057$743,511