Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,759/mo
+$2,012/mo- Down payment
- $0
- Funds due
- $13,719
- Interest + MI left
- $862,098
- First ends
- Oct 2055
New loan
New conventional
$2,747/mo
Lowest payment- Down payment
- $38,889
- Funds due
- $47,694
- Interest + MI left
- $511,756
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $678,661 | $349,999 |
| Second mortgage | — | — |
| First P&I | $4,453.06 | $2,371.02 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.00 |
| Taxes, insurance & HOA | $305.58 | $305.58 |
| Total housing payment | $4,758.64 | $2,746.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,719
Usable credit−$0
Total buyer cash needed$13,719
Earnest money paid−$0
Remaining funds due$13,719
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,888.88
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,393.30
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$466.75
Prepaid interest, first (6 days)$751.92
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 10 moOf the original 30-year loan at 6.74%
Interest already paid$53,732Through Dec 2026
Assumption only · ends Oct 2055$862,098
New conventional · ends Jan 2057$511,756