Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,393/mo
+$50/mo- Down payment
- $43,166
- Funds due
- $58,575
- Interest + MI left
- $693,513
- First ends
- Dec 2053
New loan
New conventional
$4,342/mo
Lowest payment- Down payment
- $58,500
- Funds due
- $69,821
- Interest + MI left
- $798,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $541,834 | $526,500 |
| Second mortgage | — | — |
| First P&I | $3,801.07 | $3,645.38 |
| Second P&I | — | — |
| Mortgage insurance | — | $105.30 |
| Taxes, insurance & HOA | $591.58 | $591.58 |
| Total housing payment | $4,392.65 | $4,342.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,166
Closing costs & prepaids$15,409
Usable credit−$0
Total buyer cash needed$58,575
Earnest money paid−$0
Remaining funds due$58,575
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,709.17
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$749.75
Initial HOA (3 months)$525.00
Prepaid interest, first (1 days)$107.18
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 yr 1 moOf the original 30-year loan at 7.220%
Interest already paid$116,008Through Nov 2026
Assumption only · ends Dec 2053$693,513
New conventional · ends Dec 2056$798,473