Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,588/mo
Lowest payment- Down payment
- $43,441
- Funds due
- $59,566
- Interest + MI left
- $714,597
- First ends
- Sep 2053
New loan
New conventional
$4,685/mo
+$98/mo- Down payment
- $66,000
- Funds due
- $77,597
- Interest + MI left
- $900,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $616,559 | $594,000 |
| Second mortgage | — | — |
| First P&I | $4,134.03 | $4,112.74 |
| Second P&I | — | — |
| Mortgage insurance | — | $118.80 |
| Taxes, insurance & HOA | $453.75 | $453.75 |
| Total housing payment | $4,587.78 | $4,685.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,441
Closing costs & prepaids$16,125
Usable credit−$0
Total buyer cash needed$59,566
Earnest money paid−$0
Remaining funds due$59,566
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,082.80
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$609.25
Initial HOA (3 months)$252.00
Prepaid interest, first (1 days)$113.35
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$133,652Through Nov 2026
Assumption only · ends Sep 2053$714,597
New conventional · ends Dec 2056$900,841