Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,383/mo
+$217/mo- Down payment
- $0
- Funds due
- $15,993
- Interest + MI left
- $645,384
- First ends
- May 2053
New loan
New conventional
$4,166/mo
Lowest payment- Down payment
- $59,900
- Funds due
- $71,427
- Interest + MI left
- $788,253
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $615,205 | $539,100 |
| Second mortgage | — | — |
| First P&I | $3,976.62 | $3,652.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $107.82 |
| Taxes, insurance & HOA | $406.25 | $406.25 |
| Total housing payment | $4,382.87 | $4,166.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,993
Usable credit−$0
Total buyer cash needed$15,993
Earnest money paid−$0
Remaining funds due$15,993
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,076.03
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$718.75
Prepaid interest, first (7 days)$739.76
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 5 moOf the original 30-year loan at 6.27%
Interest already paid$141,710Through Dec 2026
Assumption only · ends May 2053$645,384
New conventional · ends Jan 2057$788,253