Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,018/mo
+$511/mo- Down payment
- $0
- Funds due
- $17,583
- Interest + MI left
- $862,310
- First ends
- Jan 2056
New loan
New conventional
$4,507/mo
Lowest payment- Down payment
- $65,000
- Funds due
- $77,341
- Interest + MI left
- $855,367
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $739,940 | $585,000 |
| Second mortgage | — | — |
| First P&I | $4,590.97 | $3,962.99 |
| Second P&I | — | — |
| Mortgage insurance | — | $117.00 |
| Taxes, insurance & HOA | $426.67 | $426.67 |
| Total housing payment | $5,017.64 | $4,506.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$17,583
Usable credit−$0
Total buyer cash needed$17,583
Earnest money paid−$0
Remaining funds due$17,583
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,699.70
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$780.00
Prepaid interest, first (9 days)$1,134.84
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 closing29 yr 1 moOf the original 30-year loan at 6.22%
Interest already paid$42,442Through Dec 2026
Assumption only · ends Jan 2056$862,310
New conventional · ends Jan 2057$855,367