Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,836/mo
Lowest payment- Down payment
- $45,689
- Funds due
- $60,982
- Interest + MI left
- $484,067
- First ends
- Mar 2053
New loan
New conventional
$4,302/mo
+$466/mo- Down payment
- $57,500
- Funds due
- $68,802
- Interest + MI left
- $784,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $529,311 | $517,500 |
| Second mortgage | — | — |
| First P&I | $3,220.45 | $3,583.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $103.50 |
| Taxes, insurance & HOA | $615.67 | $615.67 |
| Total housing payment | $3,836.12 | $4,302.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,689
Closing costs & prepaids$15,293
Usable credit−$0
Total buyer cash needed$60,982
Earnest money paid−$0
Remaining funds due$60,982
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,646.56
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$330.00
Initial HOA (3 months)$1,017.00
Prepaid interest, first (1 days)$81.57
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 4 moOf the original 30-year loan at 5.625%
Interest already paid$112,550Through Nov 2026
Assumption only · ends Mar 2053$484,067
New conventional · ends Dec 2056$784,824