Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,707/mo
+$297/mo- Down payment
- $0
- Funds due
- $16,651
- Interest + MI left
- $800,175
- First ends
- Sep 2055
New loan
New conventional
$4,410/mo
Lowest payment- Down payment
- $62,000
- Funds due
- $73,970
- 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 | $644,774 | $558,000 |
| Second mortgage | — | — |
| First P&I | $4,188.26 | $3,780.09 |
| Second P&I | — | — |
| Mortgage insurance | — | $111.60 |
| Taxes, insurance & HOA | $518.67 | $518.67 |
| Total housing payment | $4,706.93 | $4,410.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$16,651
Usable credit−$0
Total buyer cash needed$16,651
Earnest money paid−$0
Remaining funds due$16,651
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%)$3,223.87
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)$312.00
Prepaid interest, first (6 days)$702.72
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 9 moOf the original 30-year loan at 6.63%
Interest already paid$53,838Through Dec 2026
Assumption only · ends Sep 2055$800,175
New conventional · ends Jan 2057$815,888