Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,735/mo
Lowest payment- Down payment
- $29,569
- Funds due
- $44,504
- Interest + MI left
- $551,458
- First ends
- Aug 2053
New loan
New conventional
$3,787/mo
+$52/mo- Down payment
- $53,400
- Funds due
- $64,538
- Interest + MI left
- $702,717
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $504,431 | $480,600 |
| Second mortgage | — | — |
| First P&I | $3,299.65 | $3,255.75 |
| Second P&I | — | — |
| Mortgage insurance | — | $96.12 |
| Taxes, insurance & HOA | $435.25 | $435.25 |
| Total housing payment | $3,734.90 | $3,787.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,569
Closing costs & prepaids$14,936
Usable credit−$0
Total buyer cash needed$44,504
Earnest money paid−$0
Remaining funds due$44,504
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,340.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,522.16
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$640.75
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$799.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8 moOf the original 30-year loan at 6.43%
Interest already paid$110,553Through Dec 2026
Assumption only · ends Aug 2053$551,458
New conventional · ends Jan 2057$702,717