Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,079/mo
+$270/mo- Down payment
- $0
- Funds due
- $14,487
- Interest + MI left
- $580,916
- First ends
- May 2053
New loan
New conventional
$3,808/mo
Lowest payment- Down payment
- $49,500
- Funds due
- $60,125
- Interest + MI left
- $675,631
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $514,270 | $445,500 |
| Second mortgage | — | — |
| First P&I | $3,443.98 | $3,084.55 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.10 |
| Taxes, insurance & HOA | $634.75 | $634.75 |
| Total housing payment | $4,078.73 | $3,808.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,487
Usable credit−$0
Total buyer cash needed$14,487
Earnest money paid−$0
Remaining funds due$14,487
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,571.35
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,356.00
Initial HOA (3 months)$48.24
Prepaid interest, first (1 days)$93.70
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 6 moOf the original 30-year loan at 6.650%
Interest already paid$122,442Through Nov 2026
Assumption only · ends May 2053$580,916
New conventional · ends Dec 2056$675,631