Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,814/mo
Lowest payment- Down payment
- $41,468
- Funds due
- $56,760
- Interest + MI left
- $545,467
- First ends
- Apr 2053
New loan
New conventional
$3,954/mo
+$140/mo- Down payment
- $55,750
- Funds due
- $67,195
- Interest + MI left
- $733,641
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $516,032 | $501,750 |
| Second mortgage | — | — |
| First P&I | $3,359.17 | $3,399.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $100.35 |
| Taxes, insurance & HOA | $454.67 | $454.67 |
| Total housing payment | $3,813.84 | $3,954.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,468
Closing costs & prepaids$15,293
Usable credit−$0
Total buyer cash needed$56,760
Earnest money paid−$0
Remaining funds due$56,760
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,575.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,580.16
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$669.00
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$805.43
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 4 moOf the original 30-year loan at 6.33%
Interest already paid$122,845Through Dec 2026
Assumption only · ends Apr 2053$545,467
New conventional · ends Jan 2057$733,641