Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,572/mo
Lowest payment- Down payment
- $43,492
- Funds due
- $59,556
- Interest + MI left
- $703,734
- First ends
- Sep 2053
New loan
New conventional
$4,637/mo
+$65/mo- Down payment
- $64,000
- Funds due
- $75,654
- Interest + MI left
- $873,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $596,508 | $576,000 |
| Second mortgage | — | — |
| First P&I | $4,038.02 | $3,988.11 |
| Second P&I | — | — |
| Mortgage insurance | — | $115.20 |
| Taxes, insurance & HOA | $534.08 | $534.08 |
| Total housing payment | $4,572.10 | $4,637.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,492
Closing costs & prepaids$16,064
Usable credit−$0
Total buyer cash needed$59,556
Earnest money paid−$0
Remaining funds due$59,556
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,982.54
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$835.25
Initial HOA (3 months)$267.00
Prepaid interest, first (1 days)$111.29
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 10 moOf the original 30-year loan at 6.810%
Interest already paid$131,186Through Nov 2026
Assumption only · ends Sep 2053$703,734
New conventional · ends Dec 2056$873,543