Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,613/mo
+$108/mo- Down payment
- $7,643
- Funds due
- $21,993
- Interest + MI left
- $621,129
- First ends
- Jul 2055
New loan
New conventional
$3,505/mo
Lowest payment- Down payment
- $50,000
- Funds due
- $60,572
- Interest + MI left
- $657,974
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $492,357 | $450,000 |
| Second mortgage | — | — |
| First P&I | $3,246.31 | $3,048.46 |
| Second P&I | — | — |
| Mortgage insurance | — | $90.00 |
| Taxes, insurance & HOA | $366.67 | $366.67 |
| Total housing payment | $3,612.98 | $3,505.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,643
Closing costs & prepaids$14,350
Usable credit−$0
Total buyer cash needed$21,993
Earnest money paid−$0
Remaining funds due$21,993
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,461.79
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$600.00
Prepaid interest, first (9 days)$820.69
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 closing28 yr 7 moOf the original 30-year loan at 6.76%
Interest already paid$47,545Through Dec 2026
Assumption only · ends Jul 2055$621,129
New conventional · ends Jan 2057$657,974