Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,427/mo
+$154/mo- Down payment
- $0
- Funds due
- $13,817
- Interest + MI left
- $495,595
- First ends
- Jul 2053
New loan
New conventional
$3,274/mo
Lowest payment- Down payment
- $45,500
- Funds due
- $55,748
- Interest + MI left
- $598,757
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $464,487 | $409,500 |
| Second mortgage | — | — |
| First P&I | $3,009.66 | $2,774.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.90 |
| Taxes, insurance & HOA | $417.67 | $417.67 |
| Total housing payment | $3,427.33 | $3,273.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,817
Usable credit−$0
Total buyer cash needed$13,817
Earnest money paid−$0
Remaining funds due$13,817
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,322.43
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$546.00
Initial HOA (3 months)$207.00
Prepaid interest, first (9 days)$723.84
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 7 moOf the original 30-year loan at 6.32%
Interest already paid$102,671Through Dec 2026
Assumption only · ends Jul 2053$495,595
New conventional · ends Jan 2057$598,757