Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,861/mo
+$230/mo- Down payment
- $0
- Funds due
- $14,461
- Interest + MI left
- $582,839
- First ends
- May 2053
New loan
New conventional
$3,632/mo
Lowest payment- Down payment
- $51,900
- Funds due
- $62,420
- Interest + MI left
- $682,977
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $522,611 | $467,100 |
| Second mortgage | — | — |
| First P&I | $3,487.22 | $3,164.30 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.42 |
| Taxes, insurance & HOA | $374.25 | $374.25 |
| Total housing payment | $3,861.47 | $3,631.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,461
Usable credit−$0
Total buyer cash needed$14,461
Earnest money paid−$0
Remaining funds due$14,461
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,613.06
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$622.75
Prepaid interest, first (6 days)$567.00
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 5 moOf the original 30-year loan at 6.6%
Interest already paid$126,539Through Dec 2026
Assumption only · ends May 2053$582,839
New conventional · ends Jan 2057$682,977