Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,946/mo
+$699/mo- Down payment
- $0
- Funds due
- $14,110
- Interest + MI left
- $498,100
- First ends
- Apr 2053
New loan
New conventional
$3,247/mo
Lowest payment- Down payment
- $38,000
- Funds due
- $48,452
- Interest + MI left
- $500,059
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $476,594 | $341,999 |
| Second mortgage | — | — |
| First P&I | $3,084.48 | $2,316.82 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.40 |
| Taxes, insurance & HOA | $862.00 | $862.00 |
| Total housing payment | $3,946.48 | $3,247.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,110
Usable credit−$0
Total buyer cash needed$14,110
Earnest money paid−$0
Remaining funds due$14,110
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,382.97
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$456.00
Initial HOA (3 months)$1,680.00
Prepaid interest, first (7 days)$573.09
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6.27%
Interest already paid$112,411Through Dec 2026
Assumption only · ends Apr 2053$498,100
New conventional · ends Jan 2057$500,059