Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,694/mo
Lowest payment- Down payment
- $23,990
- Funds due
- $38,181
- Interest + MI left
- $530,007
- First ends
- Jun 2053
New loan
New conventional
$3,826/mo
+$132/mo- Down payment
- $52,450
- Funds due
- $62,831
- Interest + MI left
- $715,896
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $500,510 | $472,050 |
| Second mortgage | — | — |
| First P&I | $3,230.46 | $3,268.38 |
| Second P&I | — | — |
| Mortgage insurance | — | $94.41 |
| Taxes, insurance & HOA | $463.33 | $463.33 |
| Total housing payment | $3,693.80 | $3,826.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,990
Closing costs & prepaids$14,192
Usable credit−$0
Total buyer cash needed$38,181
Earnest money paid−$0
Remaining funds due$38,181
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,245.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,502.55
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$503.00
Initial HOA (3 months)$387.00
Prepaid interest, first (1 days)$86.12
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 7 moOf the original 30-year loan at 6.280%
Interest already paid$109,951Through Nov 2026
Assumption only · ends Jun 2053$530,007
New conventional · ends Dec 2056$715,896