Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,218/mo
Lowest payment- Down payment
- $41,576
- Funds due
- $57,596
- Interest + MI left
- $712,664
- First ends
- May 2055
New loan
New conventional
$4,340/mo
+$122/mo- Down payment
- $62,500
- Funds due
- $74,214
- Interest + MI left
- $822,468
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $583,424 | $562,500 |
| Second mortgage | — | — |
| First P&I | $3,800.84 | $3,810.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $112.50 |
| Taxes, insurance & HOA | $416.67 | $416.67 |
| Total housing payment | $4,217.51 | $4,339.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,576
Closing costs & prepaids$16,020
Usable credit−$0
Total buyer cash needed$57,596
Earnest money paid−$0
Remaining funds due$57,596
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,917.12
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$750.00
Prepaid interest, first (6 days)$634.89
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 6.62%
Interest already paid$61,740Through Dec 2026
Assumption only · ends May 2055$712,664
New conventional · ends Jan 2057$822,468