Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,497/mo
Lowest payment- Down payment
- $53,000
- Funds due
- $69,513
- Interest + MI left
- $568,494
- First ends
- Feb 2051
New loan
New conventional
$4,501/mo
+$4/mo- Down payment
- $63,000
- Funds due
- $75,266
- Interest + MI left
- $829,040
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $576,995 | $566,995 |
| Second mortgage | — | — |
| First P&I | $3,949.96 | $3,841.02 |
| Second P&I | — | — |
| Mortgage insurance | — | $113.40 |
| Taxes, insurance & HOA | $546.67 | $546.67 |
| Total housing payment | $4,496.63 | $4,501.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,000
Closing costs & prepaids$16,512
Usable credit−$0
Total buyer cash needed$69,513
Earnest money paid−$0
Remaining funds due$69,513
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,299.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,884.97
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$756.00
Initial HOA (3 months)$384.00
Prepaid interest, first (7 days)$719.27
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 closing24 yr 2 moOf the original 25-year loan at 6.5%
Interest already paid$31,494Through Dec 2026
Assumption only · ends Feb 2051$568,494
New conventional · ends Jan 2057$829,040