Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,516/mo
+$210/mo- Down payment
- $22,643
- Funds due
- $38,726
- Interest + MI left
- $723,423
- First ends
- Oct 2053
New loan
New conventional
$4,306/mo
Lowest payment- Down payment
- $62,000
- Funds due
- $73,658
- Interest + MI left
- $815,888
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $597,357 | $558,000 |
| Second mortgage | — | — |
| First P&I | $4,101.80 | $3,780.09 |
| Second P&I | — | — |
| Mortgage insurance | — | $111.60 |
| Taxes, insurance & HOA | $414.67 | $414.67 |
| Total housing payment | $4,516.47 | $4,306.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,643
Closing costs & prepaids$16,082
Usable credit−$0
Total buyer cash needed$38,726
Earnest money paid−$0
Remaining funds due$38,726
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,986.78
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$744.00
Prepaid interest, first (6 days)$683.44
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 10 moOf the original 30-year loan at 6.96%
Interest already paid$134,196Through Dec 2026
Assumption only · ends Oct 2053$723,423
New conventional · ends Jan 2057$815,888