Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,062/mo
Lowest payment- Down payment
- $37,185
- Funds due
- $52,720
- Interest + MI left
- $581,314
- First ends
- Mar 2053
New loan
New conventional
$4,134/mo
+$72/mo- Down payment
- $58,000
- Funds due
- $69,491
- Interest + MI left
- $763,250
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $542,815 | $522,000 |
| Second mortgage | — | — |
| First P&I | $3,568.66 | $3,536.21 |
| Second P&I | — | — |
| Mortgage insurance | — | $104.40 |
| Taxes, insurance & HOA | $493.34 | $493.34 |
| Total housing payment | $4,062.00 | $4,133.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,185
Closing costs & prepaids$15,535
Usable credit−$0
Total buyer cash needed$52,720
Earnest money paid−$0
Remaining funds due$52,720
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,714.08
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$696.00
Initial HOA (3 months)$284.01
Prepaid interest, first (6 days)$572.86
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 3 moOf the original 30-year loan at 6.42%
Interest already paid$134,073Through Dec 2026
Assumption only · ends Mar 2053$581,314
New conventional · ends Jan 2057$763,250