Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,793/mo
Lowest payment- Down payment
- $60,446
- Funds due
- $78,825
- Interest + MI left
- $822,939
- First ends
- Nov 2055
New loan
New conventional
$5,057/mo
+$264/mo- Down payment
- $72,500
- Funds due
- $86,090
- Interest + MI left
- $954,063
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $664,554 | $652,500 |
| Second mortgage | — | — |
| First P&I | $4,286.73 | $4,420.26 |
| Second P&I | — | — |
| Mortgage insurance | — | $130.50 |
| Taxes, insurance & HOA | $506.67 | $506.67 |
| Total housing payment | $4,793.39 | $5,057.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,446
Closing costs & prepaids$18,380
Usable credit−$0
Total buyer cash needed$78,825
Earnest money paid−$0
Remaining funds due$78,825
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,322.77
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$870.00
Prepaid interest, first (6 days)$718.81
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 11 moOf the original 30-year loan at 6.58%
Interest already paid$47,684Through Dec 2026
Assumption only · ends Nov 2055$822,939
New conventional · ends Jan 2057$954,063