Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,816/mo
+$34/mo- Down payment
- $1,403
- Funds due
- $16,192
- Interest + MI left
- $519,485
- First ends
- Nov 2052
New loan
New conventional
$3,781/mo
Lowest payment- Down payment
- $53,300
- Funds due
- $64,146
- Interest + MI left
- $701,401
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $531,597 | $479,700 |
| Second mortgage | — | — |
| First P&I | $3,379.68 | $3,249.65 |
| Second P&I | — | — |
| Mortgage insurance | — | $95.94 |
| Taxes, insurance & HOA | $435.83 | $435.83 |
| Total housing payment | $3,815.52 | $3,781.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,403
Closing costs & prepaids$14,790
Usable credit−$0
Total buyer cash needed$16,192
Earnest money paid−$0
Remaining funds due$16,192
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,330.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,657.99
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$639.50
Initial HOA (3 months)$168.00
Prepaid interest, first (6 days)$526.06
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 closing25 yr 11 moOf the original 30-year loan at 6.02%
Interest already paid$134,706Through Dec 2026
Assumption only · ends Nov 2052$519,485
New conventional · ends Jan 2057$701,401