Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,576/mo
Lowest payment- Down payment
- $47,707
- Funds due
- $61,721
- Interest + MI left
- $513,076
- First ends
- Mar 2053
New loan
New conventional
$3,808/mo
+$232/mo- Down payment
- $52,500
- Funds due
- $62,821
- Interest + MI left
- $716,578
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $477,293 | $472,500 |
| Second mortgage | — | — |
| First P&I | $3,134.08 | $3,271.49 |
| Second P&I | — | — |
| Mortgage insurance | — | $94.50 |
| Taxes, insurance & HOA | $441.75 | $441.75 |
| Total housing payment | $3,575.83 | $3,807.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,707
Closing costs & prepaids$14,014
Usable credit−$0
Total buyer cash needed$61,721
Earnest money paid−$0
Remaining funds due$61,721
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,386.47
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$537.25
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$83.95
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 6.420%
Interest already paid$115,193Through Nov 2026
Assumption only · ends Mar 2053$513,076
New conventional · ends Dec 2056$716,578