Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,532/mo
+$164/mo- Down payment
- $16,140
- Funds due
- $32,410
- Interest + MI left
- $703,051
- First ends
- Sep 2053
New loan
New conventional
$4,368/mo
Lowest payment- Down payment
- $62,500
- Funds due
- $74,300
- Interest + MI left
- $822,468
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $608,860 | $562,500 |
| Second mortgage | — | — |
| First P&I | $4,086.95 | $3,810.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $112.50 |
| Taxes, insurance & HOA | $445.42 | $445.42 |
| Total housing payment | $4,532.37 | $4,368.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,140
Closing costs & prepaids$16,270
Usable credit−$0
Total buyer cash needed$32,410
Earnest money paid−$0
Remaining funds due$32,410
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,044.30
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$750.00
Initial HOA (3 months)$86.25
Prepaid interest, first (6 days)$671.58
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 9 moOf the original 30-year loan at 6.71%
Interest already paid$135,539Through Dec 2026
Assumption only · ends Sep 2053$703,051
New conventional · ends Jan 2057$822,468