Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,530/mo
+$445/mo- Down payment
- $0
- Funds due
- $12,720
- Interest + MI left
- $503,727
- First ends
- Aug 2053
New loan
New conventional
$3,084/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $49,207
- Interest + MI left
- $545,963
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $462,493 | $359,999 |
| Second mortgage | — | — |
| First P&I | $3,010.03 | $2,492.56 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $519.58 | $519.58 |
| Total housing payment | $3,529.62 | $3,084.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,720
Usable credit−$0
Total buyer cash needed$12,720
Earnest money paid−$0
Remaining funds due$12,720
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,312.47
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$586.75
Initial HOA (3 months)$522.00
Prepaid interest, first (1 days)$80.97
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 6.390%
Interest already paid$98,165Through Nov 2026
Assumption only · ends Aug 2053$503,727
New conventional · ends Dec 2056$545,963