Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,936/mo
Lowest payment- Down payment
- $52,899
- Funds due
- $67,826
- Interest + MI left
- $589,361
- First ends
- Aug 2053
New loan
New conventional
$4,209/mo
+$274/mo- Down payment
- $59,000
- Funds due
- $69,872
- Interest + MI left
- $805,297
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $537,101 | $531,000 |
| Second mortgage | — | — |
| First P&I | $3,509.23 | $3,676.54 |
| Second P&I | — | — |
| Mortgage insurance | — | $106.20 |
| Taxes, insurance & HOA | $426.42 | $426.42 |
| Total housing payment | $3,935.65 | $4,209.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,899
Closing costs & prepaids$14,927
Usable credit−$0
Total buyer cash needed$67,826
Earnest money paid−$0
Remaining funds due$67,826
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,685.51
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$599.25
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$94.62
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 9 moOf the original 30-year loan at 6.430%
Interest already paid$114,696Through Nov 2026
Assumption only · ends Aug 2053$589,361
New conventional · ends Dec 2056$805,297