Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,845/mo
+$127/mo- Down payment
- $43,675
- Funds due
- $57,537
- Interest + MI left
- $628,899
- First ends
- Nov 2053
New loan
New conventional
$3,718/mo
Lowest payment- Down payment
- $50,500
- Funds due
- $60,753
- Interest + MI left
- $689,280
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $461,325 | $454,500 |
| Second mortgage | — | — |
| First P&I | $3,364.89 | $3,146.87 |
| Second P&I | — | — |
| Mortgage insurance | — | $90.90 |
| Taxes, insurance & HOA | $480.33 | $480.33 |
| Total housing payment | $3,845.22 | $3,718.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,675
Closing costs & prepaids$13,862
Usable credit−$0
Total buyer cash needed$57,537
Earnest money paid−$0
Remaining funds due$57,537
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,306.62
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$635.00
Initial HOA (3 months)$306.00
Prepaid interest, first (1 days)$96.44
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 closing27 yrOf the original 30-year loan at 7.630%
Interest already paid$107,286Through Nov 2026
Assumption only · ends Nov 2053$628,899
New conventional · ends Dec 2056$689,280