Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,573/mo
Lowest payment- Down payment
- $50,894
- Funds due
- $64,959
- Interest + MI left
- $545,307
- First ends
- Jul 2053
New loan
New conventional
$3,834/mo
+$262/mo- Down payment
- $54,970
- Funds due
- $65,223
- Interest + MI left
- $750,291
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $498,806 | $494,730 |
| Second mortgage | — | — |
| First P&I | $3,262.85 | $3,425.41 |
| Second P&I | — | — |
| Mortgage insurance | — | $98.95 |
| Taxes, insurance & HOA | $309.92 | $309.92 |
| Total housing payment | $3,572.77 | $3,834.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,894
Closing costs & prepaids$14,065
Usable credit−$0
Total buyer cash needed$64,959
Earnest money paid−$0
Remaining funds due$64,959
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,497.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,494.03
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$349.75
Initial HOA (3 months)$80.01
Prepaid interest, first (2 days)$175.74
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 8 moOf the original 30-year loan at 6.430%
Interest already paid$109,320Through Nov 2026
Assumption only · ends Jul 2053$545,307
New conventional · ends Dec 2056$750,291