Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,543/mo
+$421/mo- Down payment
- $0
- Funds due
- $13,456
- Interest + MI left
- $431,924
- First ends
- Apr 2053
New loan
New conventional
$3,122/mo
Lowest payment- Down payment
- $35,900
- Funds due
- $46,093
- Interest + MI left
- $472,426
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $413,276 | $323,100 |
| Second mortgage | — | — |
| First P&I | $2,674.68 | $2,188.79 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.62 |
| Taxes, insurance & HOA | $868.58 | $868.58 |
| Total housing payment | $3,543.27 | $3,122.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,456
Usable credit−$0
Total buyer cash needed$13,456
Earnest money paid−$0
Remaining funds due$13,456
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,066.38
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$430.75
Initial HOA (3 months)$1,725.00
Prepaid interest, first (6 days)$425.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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$97,477Through Dec 2026
Assumption only · ends Apr 2053$431,924
New conventional · ends Jan 2057$472,426