Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,537/mo
Lowest payment- Down payment
- $54,656
- Funds due
- $71,001
- Interest + MI left
- $687,271
- First ends
- May 2053
New loan
New conventional
$4,769/mo
+$232/mo- Down payment
- $67,990
- Funds due
- $79,760
- Interest + MI left
- $928,003
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $625,244 | $611,910 |
| Second mortgage | — | — |
| First P&I | $4,127.40 | $4,236.74 |
| Second P&I | — | — |
| Mortgage insurance | — | $122.38 |
| Taxes, insurance & HOA | $409.41 | $409.41 |
| Total housing payment | $4,536.82 | $4,768.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,656
Closing costs & prepaids$16,344
Usable credit−$0
Total buyer cash needed$71,001
Earnest money paid−$0
Remaining funds due$71,001
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,126.22
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$193.25
Initial HOA (3 months)$534.99
Prepaid interest, first (2 days)$222.69
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 6 moOf the original 30-year loan at 6.500%
Interest already paid$145,595Through Nov 2026
Assumption only · ends May 2053$687,271
New conventional · ends Dec 2056$928,003