Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,978/mo
Lowest payment- Down payment
- $48,238
- Funds due
- $63,943
- Interest + MI left
- $570,279
- First ends
- May 2053
New loan
New conventional
$4,108/mo
+$130/mo- Down payment
- $56,900
- Funds due
- $68,711
- Interest + MI left
- $748,775
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $520,762 | $512,100 |
| Second mortgage | — | — |
| First P&I | $3,441.77 | $3,469.14 |
| Second P&I | — | — |
| Mortgage insurance | — | $102.42 |
| Taxes, insurance & HOA | $536.25 | $536.25 |
| Total housing payment | $3,978.02 | $4,107.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,238
Closing costs & prepaids$15,705
Usable credit−$0
Total buyer cash needed$63,943
Earnest money paid−$0
Remaining funds due$63,943
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,603.81
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$682.75
Initial HOA (3 months)$426.00
Prepaid interest, first (9 days)$834.65
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 5 moOf the original 30-year loan at 6.5%
Interest already paid$124,233Through Dec 2026
Assumption only · ends May 2053$570,279
New conventional · ends Jan 2057$748,775