Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,199/mo
Lowest payment- Down payment
- $39,877
- Funds due
- $54,004
- Interest + MI left
- $406,015
- First ends
- Aug 2053
New loan
New conventional
$3,835/mo
+$636/mo- Down payment
- $53,900
- Funds due
- $64,260
- Interest + MI left
- $735,687
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $499,123 | $485,100 |
| Second mortgage | — | — |
| First P&I | $2,819.74 | $3,358.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $97.02 |
| Taxes, insurance & HOA | $379.00 | $379.00 |
| Total housing payment | $3,198.74 | $3,834.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,877
Closing costs & prepaids$14,127
Usable credit−$0
Total buyer cash needed$54,004
Earnest money paid−$0
Remaining funds due$54,004
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,495.61
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$472.00
Initial HOA (3 months)$165.00
Prepaid interest, first (2 days)$136.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 4.990%
Interest already paid$83,228Through Nov 2026
Assumption only · ends Aug 2053$406,015
New conventional · ends Dec 2056$735,687