Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,856/mo
+$152/mo- Down payment
- $13,823
- Funds due
- $27,732
- Interest + MI left
- $587,474
- First ends
- Jan 2053
New loan
New conventional
$3,704/mo
Lowest payment- Down payment
- $51,900
- Funds due
- $61,970
- Interest + MI left
- $708,389
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $505,177 | $467,100 |
| Second mortgage | — | — |
| First P&I | $3,479.78 | $3,234.11 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.42 |
| Taxes, insurance & HOA | $376.33 | $376.33 |
| Total housing payment | $3,856.11 | $3,703.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,823
Closing costs & prepaids$13,908
Usable credit−$0
Total buyer cash needed$27,732
Earnest money paid−$0
Remaining funds due$27,732
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,525.88
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$395.00
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$95.50
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 6.900%
Interest already paid$136,886Through Nov 2026
Assumption only · ends Jan 2053$587,474
New conventional · ends Dec 2056$708,389