Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,869/mo
+$30/mo- Down payment
- $44,977
- Funds due
- $59,987
- Interest + MI left
- $584,942
- First ends
- Jan 2053
New loan
New conventional
$3,838/mo
Lowest payment- Down payment
- $54,990
- Funds due
- $66,150
- Interest + MI left
- $723,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $504,923 | $494,910 |
| Second mortgage | — | — |
| First P&I | $3,482.00 | $3,352.69 |
| Second P&I | — | — |
| Mortgage insurance | — | $98.98 |
| Taxes, insurance & HOA | $386.67 | $386.67 |
| Total housing payment | $3,868.67 | $3,838.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,977
Closing costs & prepaids$15,011
Usable credit−$0
Total buyer cash needed$59,987
Earnest money paid−$0
Remaining funds due$59,987
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,524.62
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$660.00
Prepaid interest, first (9 days)$859.06
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 1 moOf the original 30-year loan at 6.9%
Interest already paid$139,880Through Dec 2026
Assumption only · ends Jan 2053$584,942
New conventional · ends Jan 2057$723,640