Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,380/mo
Lowest payment- Down payment
- $50,513
- Funds due
- $64,146
- Interest + MI left
- $495,595
- First ends
- Jun 2053
New loan
New conventional
$3,672/mo
+$292/mo- Down payment
- $51,500
- Funds due
- $61,515
- Interest + MI left
- $702,929
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $464,487 | $463,500 |
| Second mortgage | — | — |
| First P&I | $3,009.66 | $3,209.18 |
| Second P&I | — | — |
| Mortgage insurance | — | $92.70 |
| Taxes, insurance & HOA | $370.50 | $370.50 |
| Total housing payment | $3,380.16 | $3,672.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,513
Closing costs & prepaids$13,632
Usable credit−$0
Total buyer cash needed$64,146
Earnest money paid−$0
Remaining funds due$64,146
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,322.43
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$457.00
Initial HOA (3 months)$154.50
Prepaid interest, first (1 days)$80.43
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 7 moOf the original 30-year loan at 6.320%
Interest already paid$102,671Through Nov 2026
Assumption only · ends Jun 2053$495,595
New conventional · ends Dec 2056$702,929