Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,398/mo
+$336/mo- Down payment
- $0
- Funds due
- $15,861
- Interest + MI left
- $738,178
- First ends
- Apr 2055
New loan
New conventional
$4,062/mo
Lowest payment- Down payment
- $57,500
- Funds due
- $68,921
- Interest + MI left
- $756,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $603,158 | $517,500 |
| Second mortgage | — | — |
| First P&I | $3,945.11 | $3,505.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $103.50 |
| Taxes, insurance & HOA | $452.67 | $452.67 |
| Total housing payment | $4,397.77 | $4,061.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,861
Usable credit−$0
Total buyer cash needed$15,861
Earnest money paid−$0
Remaining funds due$15,861
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,015.79
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$690.00
Initial HOA (3 months)$168.00
Prepaid interest, first (7 days)$769.23
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 closing28 yr 4 moOf the original 30-year loan at 6.65%
Interest already paid$67,524Through Dec 2026
Assumption only · ends Apr 2055$738,178
New conventional · ends Jan 2057$756,671