Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,373/mo
+$192/mo- Down payment
- $33,707
- Funds due
- $49,810
- Interest + MI left
- $690,253
- First ends
- Dec 2053
New loan
New conventional
$4,181/mo
Lowest payment- Down payment
- $57,500
- Funds due
- $69,481
- Interest + MI left
- $756,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $541,293 | $517,500 |
| Second mortgage | — | — |
| First P&I | $3,801.07 | $3,505.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $103.50 |
| Taxes, insurance & HOA | $571.67 | $571.67 |
| Total housing payment | $4,372.73 | $4,180.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,707
Closing costs & prepaids$16,103
Usable credit−$0
Total buyer cash needed$49,810
Earnest money paid−$0
Remaining funds due$49,810
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,706.46
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$690.00
Initial HOA (3 months)$525.00
Prepaid interest, first (9 days)$963.65
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 closing27 yrOf the original 30-year loan at 7.22%
Interest already paid$119,268Through Dec 2026
Assumption only · ends Dec 2053$690,253
New conventional · ends Jan 2057$756,671