Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,607/mo
Lowest payment- Down payment
- $48,288
- Funds due
- $63,062
- Interest + MI left
- $510,523
- First ends
- Mar 2053
New loan
New conventional
$3,768/mo
+$161/mo- Down payment
- $52,500
- Funds due
- $63,655
- Interest + MI left
- $690,873
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $476,712 | $472,500 |
| Second mortgage | — | — |
| First P&I | $3,134.08 | $3,200.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $94.50 |
| Taxes, insurance & HOA | $472.67 | $472.67 |
| Total housing payment | $3,606.75 | $3,768.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,288
Closing costs & prepaids$14,774
Usable credit−$0
Total buyer cash needed$63,062
Earnest money paid−$0
Remaining funds due$63,062
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,383.56
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$630.00
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$754.64
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 6.42%
Interest already paid$117,746Through Dec 2026
Assumption only · ends Mar 2053$510,523
New conventional · ends Jan 2057$690,873