Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,778/mo
+$309/mo- Down payment
- $0
- Funds due
- $13,584
- Interest + MI left
- $579,596
- First ends
- Aug 2053
New loan
New conventional
$3,469/mo
Lowest payment- Down payment
- $49,000
- Funds due
- $58,656
- Interest + MI left
- $668,806
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $528,203 | $441,000 |
| Second mortgage | — | — |
| First P&I | $3,451.09 | $3,053.39 |
| Second P&I | — | — |
| Mortgage insurance | — | $88.20 |
| Taxes, insurance & HOA | $327.33 | $327.33 |
| Total housing payment | $3,778.42 | $3,468.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,584
Usable credit−$0
Total buyer cash needed$13,584
Earnest money paid−$0
Remaining funds due$13,584
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,641.01
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$482.00
Prepaid interest, first (1 days)$93.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 6.430%
Interest already paid$112,796Through Nov 2026
Assumption only · ends Aug 2053$579,596
New conventional · ends Dec 2056$668,806