Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,206/mo
Lowest payment- Down payment
- $49,624
- Funds due
- $68,803
- Interest + MI left
- $879,475
- First ends
- May 2055
New loan
New conventional
$5,338/mo
+$132/mo- Down payment
- $76,700
- Funds due
- $90,763
- Interest + MI left
- $1,009,333
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $717,376 | $690,300 |
| Second mortgage | — | — |
| First P&I | $4,682.85 | $4,676.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $138.06 |
| Taxes, insurance & HOA | $523.50 | $523.50 |
| Total housing payment | $5,206.35 | $5,337.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,624
Closing costs & prepaids$19,178
Usable credit−$0
Total buyer cash needed$68,803
Earnest money paid−$0
Remaining funds due$68,803
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,670.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,586.88
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$920.50
Prepaid interest, first (6 days)$783.02
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 5 moOf the original 30-year loan at 6.64%
Interest already paid$76,142Through Dec 2026
Assumption only · ends May 2055$879,475
New conventional · ends Jan 2057$1,009,333