Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,064/mo
+$724/mo- Down payment
- $0
- Funds due
- $16,778
- Interest + MI left
- $770,138
- First ends
- Jul 2053
New loan
New conventional
$4,340/mo
Lowest payment- Down payment
- $62,500
- Funds due
- $74,214
- Interest + MI left
- $822,468
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $712,380 | $562,500 |
| Second mortgage | — | — |
| First P&I | $4,647.39 | $3,810.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $112.50 |
| Taxes, insurance & HOA | $416.67 | $416.67 |
| Total housing payment | $5,064.06 | $4,339.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$16,778
Usable credit−$0
Total buyer cash needed$16,778
Earnest money paid−$0
Remaining funds due$16,778
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,561.90
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$750.00
Prepaid interest, first (6 days)$748.29
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 closing26 yr 7 moOf the original 30-year loan at 6.39%
Interest already paid$159,164Through Dec 2026
Assumption only · ends Jul 2053$770,138
New conventional · ends Jan 2057$822,468