Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,182/mo
+$450/mo- Down payment
- $0
- Funds due
- $14,997
- Interest + MI left
- $614,673
- First ends
- May 2053
New loan
New conventional
$3,731/mo
Lowest payment- Down payment
- $52,890
- Funds due
- $63,622
- Interest + MI left
- $696,005
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $580,416 | $476,010 |
| Second mortgage | — | — |
| First P&I | $3,769.99 | $3,224.66 |
| Second P&I | — | — |
| Mortgage insurance | — | $95.20 |
| Taxes, insurance & HOA | $411.58 | $411.58 |
| Total housing payment | $4,181.57 | $3,731.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,997
Usable credit−$0
Total buyer cash needed$14,997
Earnest money paid−$0
Remaining funds due$14,997
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,289.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,902.08
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$634.75
Initial HOA (3 months)$99.99
Prepaid interest, first (6 days)$603.00
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 5 moOf the original 30-year loan at 6.32%
Interest already paid$134,733Through Dec 2026
Assumption only · ends May 2053$614,673
New conventional · ends Jan 2057$696,005