Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,425/mo
Lowest payment- Down payment
- $61,695
- Funds due
- $81,413
- Interest + MI left
- $888,494
- First ends
- Sep 2055
New loan
New conventional
$5,562/mo
+$137/mo- Down payment
- $75,000
- Funds due
- $89,751
- Interest + MI left
- $986,962
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $688,305 | $675,000 |
| Second mortgage | — | — |
| First P&I | $4,570.43 | $4,572.69 |
| Second P&I | — | — |
| Mortgage insurance | — | $135.00 |
| Taxes, insurance & HOA | $854.17 | $854.17 |
| Total housing payment | $5,424.60 | $5,561.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,695
Closing costs & prepaids$19,718
Usable credit−$0
Total buyer cash needed$81,413
Earnest money paid−$0
Remaining funds due$81,413
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,441.53
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,912.50
Prepaid interest, first (5 days)$645.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 9 moOf the original 30-year loan at 6.85%
Interest already paid$59,362Through Dec 2026
Assumption only · ends Sep 2055$888,494
New conventional · ends Jan 2057$986,962