Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,679/mo
Lowest payment- Down payment
- $28,975
- Funds due
- $43,126
- Interest + MI left
- $554,164
- First ends
- Aug 2053
New loan
New conventional
$3,804/mo
+$124/mo- Down payment
- $53,400
- Funds due
- $63,715
- Interest + MI left
- $728,862
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $505,025 | $480,600 |
| Second mortgage | — | — |
| First P&I | $3,299.65 | $3,327.58 |
| Second P&I | — | — |
| Mortgage insurance | — | $96.12 |
| Taxes, insurance & HOA | $379.83 | $379.83 |
| Total housing payment | $3,679.49 | $3,803.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,975
Closing costs & prepaids$14,151
Usable credit−$0
Total buyer cash needed$43,126
Earnest money paid−$0
Remaining funds due$43,126
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%)$2,525.13
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$474.50
Initial HOA (3 months)$165.00
Prepaid interest, first (2 days)$177.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 6.430%
Interest already paid$107,846Through Nov 2026
Assumption only · ends Aug 2053$554,164
New conventional · ends Dec 2056$728,862