Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,985/mo
+$352/mo- Down payment
- $0
- Funds due
- $17,361
- Interest + MI left
- $858,572
- First ends
- Jan 2056
New loan
New conventional
$4,634/mo
Lowest payment- Down payment
- $66,900
- Funds due
- $79,109
- Interest + MI left
- $880,370
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $729,690 | $602,100 |
| Second mortgage | — | — |
| First P&I | $4,550.89 | $4,078.84 |
| Second P&I | — | — |
| Mortgage insurance | — | $120.42 |
| Taxes, insurance & HOA | $434.25 | $434.25 |
| Total housing payment | $4,985.14 | $4,633.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$17,361
Usable credit−$0
Total buyer cash needed$17,361
Earnest money paid−$0
Remaining funds due$17,361
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,648.45
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$802.75
Prepaid interest, first (6 days)$752.08
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 yr 1 moOf the original 30-year loan at 6.27%
Interest already paid$42,188Through Dec 2026
Assumption only · ends Jan 2056$858,572
New conventional · ends Jan 2057$880,370