Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,932/mo
+$222/mo- Down payment
- $14,398
- Funds due
- $29,295
- Interest + MI left
- $584,569
- First ends
- Jan 2053
New loan
New conventional
$3,710/mo
Lowest payment- Down payment
- $51,900
- Funds due
- $62,930
- Interest + MI left
- $682,977
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $504,602 | $467,100 |
| Second mortgage | — | — |
| First P&I | $3,479.78 | $3,164.30 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.42 |
| Taxes, insurance & HOA | $452.25 | $452.25 |
| Total housing payment | $3,932.03 | $3,709.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,398
Closing costs & prepaids$14,896
Usable credit−$0
Total buyer cash needed$29,295
Earnest money paid−$0
Remaining funds due$29,295
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%)$2,523.01
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$622.75
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$858.51
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 1 moOf the original 30-year loan at 6.9%
Interest already paid$139,791Through Dec 2026
Assumption only · ends Jan 2053$584,569
New conventional · ends Jan 2057$682,977