Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,173/mo
Lowest payment- Down payment
- $52,824
- Funds due
- $68,882
- Interest + MI left
- $691,595
- First ends
- May 2055
New loan
New conventional
$4,370/mo
+$197/mo- Down payment
- $61,900
- Funds due
- $73,756
- Interest + MI left
- $814,572
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $566,176 | $557,100 |
| Second mortgage | — | — |
| First P&I | $3,688.48 | $3,773.99 |
| Second P&I | — | — |
| Mortgage insurance | — | $111.42 |
| Taxes, insurance & HOA | $484.25 | $484.25 |
| Total housing payment | $4,172.73 | $4,369.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,824
Closing costs & prepaids$16,058
Usable credit−$0
Total buyer cash needed$68,882
Earnest money paid−$0
Remaining funds due$68,882
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,830.88
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$742.75
Initial HOA (3 months)$210.00
Prepaid interest, first (6 days)$616.12
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$59,915Through Dec 2026
Assumption only · ends May 2055$691,595
New conventional · ends Jan 2057$814,572