Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,968/mo
Lowest payment- Down payment
- $43,530
- Funds due
- $59,207
- Interest + MI left
- $586,483
- First ends
- Aug 2053
New loan
New conventional
$4,099/mo
+$131/mo- Down payment
- $58,000
- Funds due
- $69,695
- Interest + MI left
- $763,250
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $536,470 | $522,000 |
| Second mortgage | — | — |
| First P&I | $3,509.23 | $3,536.21 |
| Second P&I | — | — |
| Mortgage insurance | — | $104.40 |
| Taxes, insurance & HOA | $458.67 | $458.67 |
| Total housing payment | $3,967.90 | $4,099.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,530
Closing costs & prepaids$15,677
Usable credit−$0
Total buyer cash needed$59,207
Earnest money paid−$0
Remaining funds due$59,207
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,682.35
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$696.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$850.56
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 8 moOf the original 30-year loan at 6.43%
Interest already paid$117,574Through Dec 2026
Assumption only · ends Aug 2053$586,483
New conventional · ends Jan 2057$763,250