Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,262/mo
Lowest payment- Down payment
- $48,868
- Funds due
- $63,462
- Interest + MI left
- $362,801
- First ends
- Jan 2053
New loan
New conventional
$4,038/mo
+$776/mo- Down payment
- $54,500
- Funds due
- $65,312
- Interest + MI left
- $743,876
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $496,132 | $490,500 |
| Second mortgage | — | — |
| First P&I | $2,718.24 | $3,396.12 |
| Second P&I | — | — |
| Mortgage insurance | — | $98.10 |
| Taxes, insurance & HOA | $544.25 | $544.25 |
| Total housing payment | $3,262.49 | $4,038.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,868
Closing costs & prepaids$14,594
Usable credit−$0
Total buyer cash needed$63,462
Earnest money paid−$0
Remaining funds due$63,462
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,480.66
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$736.75
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$62.87
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 2 moOf the original 30-year loan at 4.625%
Interest already paid$90,859Through Nov 2026
Assumption only · ends Jan 2053$362,801
New conventional · ends Dec 2056$743,876