Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,400/mo
Lowest payment- Down payment
- $32,248
- Funds due
- $48,796
- Interest + MI left
- $757,463
- First ends
- Nov 2055
New loan
New conventional
$4,527/mo
+$127/mo- Down payment
- $65,300
- Funds due
- $77,329
- Interest + MI left
- $859,315
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $620,752 | $587,700 |
| Second mortgage | — | — |
| First P&I | $3,971.80 | $3,981.28 |
| Second P&I | — | — |
| Mortgage insurance | — | $117.54 |
| Taxes, insurance & HOA | $427.83 | $427.83 |
| Total housing payment | $4,399.64 | $4,526.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,248
Closing costs & prepaids$16,549
Usable credit−$0
Total buyer cash needed$48,796
Earnest money paid−$0
Remaining funds due$48,796
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,530.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,103.76
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$783.50
Prepaid interest, first (6 days)$663.27
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 11 moOf the original 30-year loan at 6.5%
Interest already paid$44,004Through Dec 2026
Assumption only · ends Nov 2055$757,463
New conventional · ends Jan 2057$859,315