Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,614/mo
Lowest payment- Down payment
- $48,244
- Funds due
- $65,122
- Interest + MI left
- $804,810
- First ends
- Jul 2055
New loan
New conventional
$4,677/mo
+$63/mo- Down payment
- $67,500
- Funds due
- $79,787
- Interest + MI left
- $888,265
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $626,756 | $607,500 |
| Second mortgage | — | — |
| First P&I | $4,173.66 | $4,115.42 |
| Second P&I | — | — |
| Mortgage insurance | — | $121.50 |
| Taxes, insurance & HOA | $440.00 | $440.00 |
| Total housing payment | $4,613.66 | $4,676.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,244
Closing costs & prepaids$16,879
Usable credit−$0
Total buyer cash needed$65,122
Earnest money paid−$0
Remaining funds due$65,122
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,133.78
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$810.00
Initial HOA (3 months)$9.99
Prepaid interest, first (6 days)$706.78
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 7 moOf the original 30-year loan at 6.86%
Interest already paid$61,409Through Dec 2026
Assumption only · ends Jul 2055$804,810
New conventional · ends Jan 2057$888,265