Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,267/mo
Lowest payment- Down payment
- $54,324
- Funds due
- $70,614
- Interest + MI left
- $621,269
- First ends
- Jul 2053
New loan
New conventional
$4,466/mo
+$199/mo- Down payment
- $62,900
- Funds due
- $74,959
- Interest + MI left
- $827,732
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $574,676 | $566,100 |
| Second mortgage | — | — |
| First P&I | $3,749.05 | $3,834.96 |
| Second P&I | — | — |
| Mortgage insurance | — | $113.22 |
| Taxes, insurance & HOA | $518.25 | $518.25 |
| Total housing payment | $4,267.30 | $4,466.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,324
Closing costs & prepaids$16,290
Usable credit−$0
Total buyer cash needed$70,614
Earnest money paid−$0
Remaining funds due$70,614
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,873.38
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$754.75
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$603.65
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$128,397Through Dec 2026
Assumption only · ends Jul 2053$621,269
New conventional · ends Jan 2057$827,732