Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,750/mo
Lowest payment- Down payment
- $32,989
- Funds due
- $50,358
- Interest + MI left
- $682,593
- First ends
- May 2053
New loan
New conventional
$4,840/mo
+$89/mo- Down payment
- $68,490
- Funds due
- $81,179
- Interest + MI left
- $901,293
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $651,911 | $616,410 |
| Second mortgage | — | — |
| First P&I | $4,209.79 | $4,175.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $123.28 |
| Taxes, insurance & HOA | $540.67 | $540.67 |
| Total housing payment | $4,750.46 | $4,839.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,989
Closing costs & prepaids$17,369
Usable credit−$0
Total buyer cash needed$50,358
Earnest money paid−$0
Remaining funds due$50,358
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,849.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,259.56
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$822.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$670.84
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 6.26%
Interest already paid$149,932Through Dec 2026
Assumption only · ends May 2053$682,593
New conventional · ends Jan 2057$901,293