Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,406/mo
+$706/mo- Down payment
- $0
- Funds due
- $15,152
- Interest + MI left
- $756,050
- First ends
- Jun 2055
New loan
New conventional
$3,700/mo
Lowest payment- Down payment
- $51,990
- Funds due
- $62,706
- Interest + MI left
- $684,162
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $601,418 | $467,910 |
| Second mortgage | — | — |
| First P&I | $3,969.20 | $3,169.79 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.58 |
| Taxes, insurance & HOA | $436.67 | $436.67 |
| Total housing payment | $4,405.87 | $3,700.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,152
Usable credit−$0
Total buyer cash needed$15,152
Earnest money paid−$0
Remaining funds due$15,152
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,007.09
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$624.00
Initial HOA (3 months)$186.00
Prepaid interest, first (6 days)$668.31
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 6 moOf the original 30-year loan at 6.76%
Interest already paid$61,523Through Dec 2026
Assumption only · ends Jun 2055$756,050
New conventional · ends Jan 2057$684,162