Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,422/mo
Lowest payment- Down payment
- $56,308
- Funds due
- $73,288
- Interest + MI left
- $766,323
- First ends
- Jan 2056
New loan
New conventional
$4,707/mo
+$285/mo- Down payment
- $68,000
- Funds due
- $80,454
- Interest + MI left
- $894,844
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $623,691 | $611,999 |
| Second mortgage | — | — |
| First P&I | $3,982.85 | $4,145.89 |
| Second P&I | — | — |
| Mortgage insurance | — | $122.40 |
| Taxes, insurance & HOA | $438.67 | $438.67 |
| Total housing payment | $4,421.52 | $4,706.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,308
Closing costs & prepaids$16,980
Usable credit−$0
Total buyer cash needed$73,288
Earnest money paid−$0
Remaining funds due$73,288
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,799.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,118.46
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$816.00
Prepaid interest, first (7 days)$777.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6.5%
Interest already paid$37,373Through Dec 2026
Assumption only · ends Jan 2056$766,323
New conventional · ends Jan 2057$894,844