Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,814/mo
Lowest payment- Down payment
- $40,834
- Funds due
- $55,414
- Interest + MI left
- $548,192
- First ends
- Apr 2053
New loan
New conventional
$4,029/mo
+$215/mo- Down payment
- $55,750
- Funds due
- $66,408
- Interest + MI left
- $760,938
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $516,666 | $501,750 |
| Second mortgage | — | — |
| First P&I | $3,359.17 | $3,474.02 |
| Second P&I | — | — |
| Mortgage insurance | — | $100.35 |
| Taxes, insurance & HOA | $454.67 | $454.67 |
| Total housing payment | $3,813.84 | $4,029.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,834
Closing costs & prepaids$14,580
Usable credit−$0
Total buyer cash needed$55,414
Earnest money paid−$0
Remaining funds due$55,414
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,575.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,583.33
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$669.00
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$89.60
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 5 moOf the original 30-year loan at 6.330%
Interest already paid$120,120Through Nov 2026
Assumption only · ends Apr 2053$548,192
New conventional · ends Dec 2056$760,938