Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,836/mo
+$195/mo- Down payment
- $44,107
- Funds due
- $58,709
- Interest + MI left
- $625,965
- First ends
- Nov 2053
New loan
New conventional
$3,641/mo
Lowest payment- Down payment
- $50,500
- Funds due
- $61,437
- Interest + MI left
- $664,554
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $460,893 | $454,500 |
| Second mortgage | — | — |
| First P&I | $3,364.89 | $3,078.94 |
| Second P&I | — | — |
| Mortgage insurance | — | $90.90 |
| Taxes, insurance & HOA | $470.67 | $470.67 |
| Total housing payment | $3,835.55 | $3,640.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,107
Closing costs & prepaids$14,602
Usable credit−$0
Total buyer cash needed$58,709
Earnest money paid−$0
Remaining funds due$58,709
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,304.46
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$606.00
Initial HOA (3 months)$306.00
Prepaid interest, first (9 days)$867.11
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 11 moOf the original 30-year loan at 7.63%
Interest already paid$110,220Through Dec 2026
Assumption only · ends Nov 2053$625,965
New conventional · ends Jan 2057$664,554