Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,697/mo
Lowest payment- Down payment
- $52,187
- Funds due
- $66,983
- Interest + MI left
- $547,903
- First ends
- Jul 2053
New loan
New conventional
$3,899/mo
+$202/mo- Down payment
- $55,900
- Funds due
- $66,871
- Interest + MI left
- $735,615
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $506,813 | $503,100 |
| Second mortgage | — | — |
| First P&I | $3,306.32 | $3,408.17 |
| Second P&I | — | — |
| Mortgage insurance | — | $100.62 |
| Taxes, insurance & HOA | $390.25 | $390.25 |
| Total housing payment | $3,696.57 | $3,899.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,187
Closing costs & prepaids$14,795
Usable credit−$0
Total buyer cash needed$66,983
Earnest money paid−$0
Remaining funds due$66,983
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,534.06
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$670.75
Prepaid interest, first (6 days)$532.36
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 7 moOf the original 30-year loan at 6.39%
Interest already paid$113,235Through Dec 2026
Assumption only · ends Jul 2053$547,903
New conventional · ends Jan 2057$735,615