Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,151/mo
Lowest payment- Down payment
- $50,971
- Funds due
- $67,321
- Interest + MI left
- $689,367
- First ends
- Dec 2055
New loan
New conventional
$4,494/mo
+$344/mo- Down payment
- $64,000
- Funds due
- $76,046
- Interest + MI left
- $842,207
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $589,029 | $576,000 |
| Second mortgage | — | — |
| First P&I | $3,673.55 | $3,902.02 |
| Second P&I | — | — |
| Mortgage insurance | — | $115.20 |
| Taxes, insurance & HOA | $477.00 | $477.00 |
| Total housing payment | $4,150.55 | $4,494.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,971
Closing costs & prepaids$16,350
Usable credit−$0
Total buyer cash needed$67,321
Earnest money paid−$0
Remaining funds due$67,321
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,945.15
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$768.00
Initial HOA (3 months)$162.99
Prepaid interest, first (6 days)$606.14
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 closing29 yrOf the original 30-year loan at 6.26%
Interest already paid$37,112Through Dec 2026
Assumption only · ends Dec 2055$689,367
New conventional · ends Jan 2057$842,207