Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,335/mo
+$215/mo- Down payment
- $0
- Funds due
- $12,546
- Interest + MI left
- $489,080
- First ends
- Jul 2053
New loan
New conventional
$3,120/mo
Lowest payment- Down payment
- $43,000
- Funds due
- $52,012
- Interest + MI left
- $586,912
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $461,897 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,971.80 | $2,679.51 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.40 |
| Taxes, insurance & HOA | $363.00 | $363.00 |
| Total housing payment | $3,334.80 | $3,119.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,546
Usable credit−$0
Total buyer cash needed$12,546
Earnest money paid−$0
Remaining funds due$12,546
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,309.49
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$639.00
Prepaid interest, first (1 days)$79.22
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 8 moOf the original 30-year loan at 6.260%
Interest already paid$98,621Through Nov 2026
Assumption only · ends Jul 2053$489,080
New conventional · ends Dec 2056$586,912