Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,711/mo
Lowest payment- Down payment
- $35,040
- Funds due
- $50,118
- Interest + MI left
- $524,953
- First ends
- Apr 2053
New loan
New conventional
$3,870/mo
+$158/mo- Down payment
- $54,900
- Funds due
- $66,162
- Interest + MI left
- $722,456
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $513,960 | $494,100 |
| Second mortgage | — | — |
| First P&I | $3,287.70 | $3,347.21 |
| Second P&I | — | — |
| Mortgage insurance | — | $98.82 |
| Taxes, insurance & HOA | $423.58 | $423.58 |
| Total housing payment | $3,711.28 | $3,869.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,040
Closing costs & prepaids$15,078
Usable credit−$0
Total buyer cash needed$50,118
Earnest money paid−$0
Remaining funds due$50,118
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,569.80
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$658.75
Initial HOA (3 months)$111.99
Prepaid interest, first (9 days)$779.39
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 4 moOf the original 30-year loan at 6.15%
Interest already paid$118,969Through Dec 2026
Assumption only · ends Apr 2053$524,953
New conventional · ends Jan 2057$722,456