Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,628/mo
Lowest payment- Down payment
- $23,374
- Funds due
- $37,673
- Interest + MI left
- $537,884
- First ends
- Jun 2053
New loan
New conventional
$3,639/mo
+$11/mo- Down payment
- $52,000
- Funds due
- $62,531
- Interest + MI left
- $684,293
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $496,626 | $468,000 |
| Second mortgage | — | — |
| First P&I | $3,253.18 | $3,170.40 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.60 |
| Taxes, insurance & HOA | $374.67 | $374.67 |
| Total housing payment | $3,627.84 | $3,638.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,374
Closing costs & prepaids$14,299
Usable credit−$0
Total buyer cash needed$37,673
Earnest money paid−$0
Remaining funds due$37,673
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,483.13
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$624.00
Prepaid interest, first (6 days)$524.11
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 6 moOf the original 30-year loan at 6.42%
Interest already paid$114,259Through Dec 2026
Assumption only · ends Jun 2053$537,884
New conventional · ends Jan 2057$684,293