Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,588/mo
Lowest payment- Down payment
- $18,670
- Funds due
- $35,716
- Interest + MI left
- $784,979
- First ends
- Dec 2055
New loan
New conventional
$4,694/mo
+$105/mo- Down payment
- $67,800
- Funds due
- $80,111
- Interest + MI left
- $892,213
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $659,330 | $610,200 |
| Second mortgage | — | — |
| First P&I | $4,150.31 | $4,133.71 |
| Second P&I | — | — |
| Mortgage insurance | — | $122.04 |
| Taxes, insurance & HOA | $437.83 | $437.83 |
| Total housing payment | $4,588.15 | $4,693.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,670
Closing costs & prepaids$17,046
Usable credit−$0
Total buyer cash needed$35,716
Earnest money paid−$0
Remaining funds due$35,716
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,780.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,296.65
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$813.50
Prepaid interest, first (6 days)$688.23
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 6.35%
Interest already paid$42,134Through Dec 2026
Assumption only · ends Dec 2055$784,979
New conventional · ends Jan 2057$892,213