Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,932/mo
Lowest payment- Down payment
- $45,945
- Funds due
- $65,635
- Interest + MI left
- $626,379
- First ends
- Apr 2053
New loan
New conventional
$5,538/mo
+$606/mo- Down payment
- $78,500
- Funds due
- $93,145
- Interest + MI left
- $1,033,020
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $739,055 | $706,500 |
| Second mortgage | — | — |
| First P&I | $4,320.99 | $4,786.08 |
| Second P&I | — | — |
| Mortgage insurance | — | $141.30 |
| Taxes, insurance & HOA | $610.67 | $610.67 |
| Total housing payment | $4,931.66 | $5,538.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,945
Closing costs & prepaids$19,689
Usable credit−$0
Total buyer cash needed$65,635
Earnest money paid−$0
Remaining funds due$65,635
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,695.27
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$942.00
Initial HOA (3 months)$240.00
Prepaid interest, first (7 days)$744.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 5.25%
Interest already paid$146,678Through Dec 2026
Assumption only · ends Apr 2053$626,379
New conventional · ends Jan 2057$1,033,020