Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,253/mo
Lowest payment- Down payment
- $31,522
- Funds due
- $46,195
- Interest + MI left
- $403,940
- First ends
- Aug 2053
New loan
New conventional
$3,760/mo
+$506/mo- Down payment
- $52,990
- Funds due
- $64,079
- Interest + MI left
- $697,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $498,378 | $476,910 |
| Second mortgage | — | — |
| First P&I | $2,819.74 | $3,230.75 |
| Second P&I | — | — |
| Mortgage insurance | — | $95.38 |
| Taxes, insurance & HOA | $433.67 | $433.67 |
| Total housing payment | $3,253.41 | $3,759.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,522
Closing costs & prepaids$14,673
Usable credit−$0
Total buyer cash needed$46,195
Earnest money paid−$0
Remaining funds due$46,195
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,491.89
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$636.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$613.21
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 4.99%
Interest already paid$85,303Through Dec 2026
Assumption only · ends Aug 2053$403,940
New conventional · ends Jan 2057$697,321