Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,523/mo
+$351/mo- Down payment
- $0
- Funds due
- $15,946
- Interest + MI left
- $691,451
- First ends
- Jun 2053
New loan
New conventional
$4,172/mo
Lowest payment- Down payment
- $59,990
- Funds due
- $71,421
- Interest + MI left
- $789,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $617,674 | $539,910 |
| Second mortgage | — | — |
| First P&I | $4,116.74 | $3,657.54 |
| Second P&I | — | — |
| Mortgage insurance | — | $107.98 |
| Taxes, insurance & HOA | $406.67 | $406.67 |
| Total housing payment | $4,523.41 | $4,172.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,946
Usable credit−$0
Total buyer cash needed$15,946
Earnest money paid−$0
Remaining funds due$15,946
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,088.37
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$720.00
Prepaid interest, first (6 days)$670.13
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 closing26 yr 6 moOf the original 30-year loan at 6.6%
Interest already paid$145,985Through Dec 2026
Assumption only · ends Jun 2053$691,451
New conventional · ends Jan 2057$789,438