Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,894/mo
Lowest payment- Down payment
- $44,401
- Funds due
- $58,728
- Interest + MI left
- $587,849
- First ends
- Jan 2053
New loan
New conventional
$3,938/mo
+$44/mo- Down payment
- $54,990
- Funds due
- $65,451
- Interest + MI left
- $750,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $505,499 | $494,910 |
| Second mortgage | — | — |
| First P&I | $3,482.00 | $3,426.66 |
| Second P&I | — | — |
| Mortgage insurance | — | $98.98 |
| Taxes, insurance & HOA | $412.25 | $412.25 |
| Total housing payment | $3,894.25 | $3,937.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,401
Closing costs & prepaids$14,327
Usable credit−$0
Total buyer cash needed$58,728
Earnest money paid−$0
Remaining funds due$58,728
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,527.49
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$736.75
Prepaid interest, first (1 days)$95.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 6.900%
Interest already paid$136,974Through Nov 2026
Assumption only · ends Jan 2053$587,849
New conventional · ends Dec 2056$750,564