Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,820/mo
Lowest payment- Down payment
- $41,896
- Funds due
- $59,728
- Interest + MI left
- $740,938
- First ends
- Mar 2055
New loan
New conventional
$4,820/mo
+$1/mo- Down payment
- $62,000
- Funds due
- $75,529
- Interest + MI left
- $815,888
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $578,104 | $558,000 |
| Second mortgage | — | — |
| First P&I | $3,890.98 | $3,780.09 |
| Second P&I | — | — |
| Mortgage insurance | — | $111.60 |
| Taxes, insurance & HOA | $928.67 | $928.67 |
| Total housing payment | $4,819.65 | $4,820.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,896
Closing costs & prepaids$17,832
Usable credit−$0
Total buyer cash needed$59,728
Earnest money paid−$0
Remaining funds due$59,728
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,890.52
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$744.00
Initial HOA (3 months)$1,542.00
Prepaid interest, first (9 days)$987.85
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 3 moOf the original 30-year loan at 6.93%
Interest already paid$70,815Through Dec 2026
Assumption only · ends Mar 2055$740,938
New conventional · ends Jan 2057$815,888