Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,443/mo
Lowest payment- Down payment
- $20,380
- Funds due
- $40,117
- Interest + MI left
- $948,882
- First ends
- Feb 2056
New loan
New conventional
$5,491/mo
+$49/mo- Down payment
- $79,000
- Funds due
- $93,322
- Interest + MI left
- $1,039,600
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $769,620 | $711,000 |
| Second mortgage | — | — |
| First P&I | $4,910.01 | $4,816.56 |
| Second P&I | — | — |
| Mortgage insurance | — | $142.20 |
| Taxes, insurance & HOA | $532.67 | $532.67 |
| Total housing payment | $5,442.67 | $5,491.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,380
Closing costs & prepaids$19,736
Usable credit−$0
Total buyer cash needed$40,117
Earnest money paid−$0
Remaining funds due$40,117
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,848.10
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$948.00
Prepaid interest, first (6 days)$822.33
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 closing29 yr 2 moOf the original 30-year loan at 6.5%
Interest already paid$41,904Through Dec 2026
Assumption only · ends Feb 2056$948,882
New conventional · ends Jan 2057$1,039,600