Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,098/mo
+$388/mo- Down payment
- $0
- Funds due
- $15,386
- Interest + MI left
- $692,844
- First ends
- Apr 2056
New loan
New conventional
$3,710/mo
Lowest payment- Down payment
- $52,500
- Funds due
- $63,481
- Interest + MI left
- $690,873
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $603,552 | $472,500 |
| Second mortgage | — | — |
| First P&I | $3,682.94 | $3,200.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $94.50 |
| Taxes, insurance & HOA | $414.67 | $414.67 |
| Total housing payment | $4,097.61 | $3,710.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,386
Usable credit−$0
Total buyer cash needed$15,386
Earnest money paid−$0
Remaining funds due$15,386
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,017.76
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$630.00
Initial HOA (3 months)$114.00
Prepaid interest, first (9 days)$906.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4 moOf the original 30-year loan at 6.09%
Interest already paid$24,616Through Dec 2026
Assumption only · ends Apr 2056$692,844
New conventional · ends Jan 2057$690,873