Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,186/mo
+$13/mo- Down payment
- $19,397
- Funds due
- $35,092
- Interest + MI left
- $613,721
- First ends
- Apr 2053
New loan
New conventional
$4,173/mo
Lowest payment- Down payment
- $60,000
- Funds due
- $71,432
- Interest + MI left
- $789,569
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $580,603 | $540,000 |
| Second mortgage | — | — |
| First P&I | $3,779.51 | $3,658.15 |
| Second P&I | — | — |
| Mortgage insurance | — | $108.00 |
| Taxes, insurance & HOA | $406.67 | $406.67 |
| Total housing payment | $4,186.17 | $4,172.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,397
Closing costs & prepaids$15,695
Usable credit−$0
Total buyer cash needed$35,092
Earnest money paid−$0
Remaining funds due$35,092
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,903.02
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$720.00
Prepaid interest, first (6 days)$604.15
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 4 moOf the original 30-year loan at 6.33%
Interest already paid$138,217Through Dec 2026
Assumption only · ends Apr 2053$613,721
New conventional · ends Jan 2057$789,569