Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,519/mo
+$346/mo- Down payment
- $0
- Funds due
- $15,989
- Interest + MI left
- $793,412
- First ends
- Aug 2055
New loan
New conventional
$4,173/mo
Lowest payment- Down payment
- $60,000
- Funds due
- $71,432
- Interest + MI left
- $789,569
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $621,176 | $540,000 |
| Second mortgage | — | — |
| First P&I | $4,112.17 | $3,658.15 |
| Second P&I | — | — |
| Mortgage insurance | — | $108.00 |
| Taxes, insurance & HOA | $406.67 | $406.67 |
| Total housing payment | $4,518.84 | $4,172.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,989
Usable credit−$0
Total buyer cash needed$15,989
Earnest money paid−$0
Remaining funds due$15,989
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,105.88
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)$695.38
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 8 moOf the original 30-year loan at 6.81%
Interest already paid$56,841Through Dec 2026
Assumption only · ends Aug 2055$793,412
New conventional · ends Jan 2057$789,569