Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,031/mo
Lowest payment- Down payment
- $44,520
- Funds due
- $60,130
- Interest + MI left
- $581,278
- First ends
- Dec 2052
New loan
New conventional
$4,062/mo
+$31/mo- Down payment
- $57,000
- Funds due
- $68,664
- Interest + MI left
- $750,091
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $525,480 | $513,000 |
| Second mortgage | — | — |
| First P&I | $3,547.30 | $3,475.24 |
| Second P&I | — | — |
| Mortgage insurance | — | $102.60 |
| Taxes, insurance & HOA | $483.67 | $483.67 |
| Total housing payment | $4,030.97 | $4,061.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,520
Closing costs & prepaids$15,609
Usable credit−$0
Total buyer cash needed$60,130
Earnest money paid−$0
Remaining funds due$60,130
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,627.40
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$684.00
Initial HOA (3 months)$267.00
Prepaid interest, first (9 days)$862.94
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 yrOf the original 30-year loan at 6.66%
Interest already paid$143,750Through Dec 2026
Assumption only · ends Dec 2052$581,278
New conventional · ends Jan 2057$750,091