Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,950/mo
Lowest payment- Down payment
- $30,689
- Funds due
- $46,827
- Interest + MI left
- $484,067
- First ends
- Mar 2053
New loan
New conventional
$4,245/mo
+$295/mo- Down payment
- $56,000
- Funds due
- $68,296
- Interest + MI left
- $736,931
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $529,311 | $504,000 |
| Second mortgage | — | — |
| First P&I | $3,220.45 | $3,414.27 |
| Second P&I | — | — |
| Mortgage insurance | — | $100.80 |
| Taxes, insurance & HOA | $729.67 | $729.67 |
| Total housing payment | $3,950.12 | $4,244.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,689
Closing costs & prepaids$16,138
Usable credit−$0
Total buyer cash needed$46,827
Earnest money paid−$0
Remaining funds due$46,827
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,646.56
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$672.00
Initial HOA (3 months)$1,017.00
Prepaid interest, first (9 days)$734.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 5.625%
Interest already paid$115,035Through Dec 2026
Assumption only · ends Mar 2053$484,067
New conventional · ends Jan 2057$736,931