Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,101/mo
Lowest payment- Down payment
- $39,803
- Funds due
- $55,210
- Interest + MI left
- $605,084
- First ends
- Apr 2053
New loan
New conventional
$4,369/mo
+$269/mo- Down payment
- $63,000
- Funds due
- $74,065
- Interest + MI left
- $859,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $590,197 | $567,000 |
| Second mortgage | — | — |
| First P&I | $3,770.60 | $3,925.79 |
| Second P&I | — | — |
| Mortgage insurance | — | $113.40 |
| Taxes, insurance & HOA | $329.92 | $329.92 |
| Total housing payment | $4,100.52 | $4,369.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,803
Closing costs & prepaids$15,408
Usable credit−$0
Total buyer cash needed$55,210
Earnest money paid−$0
Remaining funds due$55,210
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,950.99
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$482.25
Initial HOA (3 months)$7.50
Prepaid interest, first (2 days)$198.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.150%
Interest already paid$133,418Through Nov 2026
Assumption only · ends Apr 2053$605,084
New conventional · ends Dec 2056$859,894