Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,827/mo
Lowest payment- Down payment
- $20,595
- Funds due
- $38,000
- Interest + MI left
- $718,080
- First ends
- Jul 2053
New loan
New conventional
$4,841/mo
+$13/mo- Down payment
- $70,000
- Funds due
- $82,559
- Interest + MI left
- $921,164
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $679,405 | $630,000 |
| Second mortgage | — | — |
| First P&I | $4,380.83 | $4,267.84 |
| Second P&I | — | — |
| Mortgage insurance | — | $126.00 |
| Taxes, insurance & HOA | $446.67 | $446.67 |
| Total housing payment | $4,827.50 | $4,840.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,595
Closing costs & prepaids$17,405
Usable credit−$0
Total buyer cash needed$38,000
Earnest money paid−$0
Remaining funds due$38,000
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,397.03
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$840.00
Prepaid interest, first (6 days)$700.25
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 7 moOf the original 30-year loan at 6.27%
Interest already paid$149,019Through Dec 2026
Assumption only · ends Jul 2053$718,080
New conventional · ends Jan 2057$921,164