Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,315/mo
Lowest payment- Down payment
- $55,403
- Funds due
- $75,604
- Interest + MI left
- $720,149
- First ends
- Apr 2053
New loan
New conventional
$5,785/mo
+$470/mo- Down payment
- $82,683
- Funds due
- $97,563
- Interest + MI left
- $1,088,060
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $771,423 | $744,143 |
| Second mortgage | — | — |
| First P&I | $4,720.16 | $5,041.08 |
| Second P&I | — | — |
| Mortgage insurance | — | $148.83 |
| Taxes, insurance & HOA | $595.09 | $595.09 |
| Total housing payment | $5,315.25 | $5,785.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,403
Closing costs & prepaids$20,201
Usable credit−$0
Total buyer cash needed$75,604
Earnest money paid−$0
Remaining funds due$75,604
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,268.26
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,857.12
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$992.25
Initial HOA (3 months)$143.01
Prepaid interest, first (6 days)$722.81
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 5.7%
Interest already paid$165,851Through Dec 2026
Assumption only · ends Apr 2053$720,149
New conventional · ends Jan 2057$1,088,060