Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,736/mo
Lowest payment- Down payment
- $24,601
- Funds due
- $39,604
- Interest + MI left
- $527,388
- First ends
- Jun 2053
New loan
New conventional
$3,798/mo
+$62/mo- Down payment
- $52,450
- Funds due
- $63,698
- Interest + MI left
- $690,215
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $499,899 | $472,050 |
| Second mortgage | — | — |
| First P&I | $3,230.46 | $3,197.83 |
| Second P&I | — | — |
| Mortgage insurance | — | $94.41 |
| Taxes, insurance & HOA | $505.50 | $505.50 |
| Total housing payment | $3,735.96 | $3,797.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,601
Closing costs & prepaids$15,003
Usable credit−$0
Total buyer cash needed$39,604
Earnest money paid−$0
Remaining funds due$39,604
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,245.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,499.50
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$629.50
Initial HOA (3 months)$387.00
Prepaid interest, first (9 days)$774.09
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 6 moOf the original 30-year loan at 6.28%
Interest already paid$112,571Through Dec 2026
Assumption only · ends Jun 2053$527,388
New conventional · ends Jan 2057$690,215