Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,672/mo
Lowest payment- Down payment
- $41,785
- Funds due
- $56,662
- Interest + MI left
- $542,634
- First ends
- Jul 2053
New loan
New conventional
$3,799/mo
+$127/mo- Down payment
- $54,000
- Funds due
- $65,123
- Interest + MI left
- $710,612
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $498,215 | $486,000 |
| Second mortgage | — | — |
| First P&I | $3,262.85 | $3,292.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $97.20 |
| Taxes, insurance & HOA | $409.34 | $409.34 |
| Total housing payment | $3,672.19 | $3,798.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,785
Closing costs & prepaids$14,877
Usable credit−$0
Total buyer cash needed$56,662
Earnest money paid−$0
Remaining funds due$56,662
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,491.08
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$648.00
Initial HOA (3 months)$80.01
Prepaid interest, first (9 days)$789.91
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 6.43%
Interest already paid$111,992Through Dec 2026
Assumption only · ends Jul 2053$542,634
New conventional · ends Jan 2057$710,612