Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,771/mo
Lowest payment- Down payment
- $35,901
- Funds due
- $50,435
- Interest + MI left
- $551,579
- First ends
- Jul 2053
New loan
New conventional
$3,964/mo
+$193/mo- Down payment
- $54,900
- Funds due
- $65,549
- Interest + MI left
- $749,336
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $513,099 | $494,100 |
| Second mortgage | — | — |
| First P&I | $3,327.12 | $3,421.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $98.82 |
| Taxes, insurance & HOA | $444.25 | $444.25 |
| Total housing payment | $3,771.37 | $3,964.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,901
Closing costs & prepaids$14,534
Usable credit−$0
Total buyer cash needed$50,435
Earnest money paid−$0
Remaining funds due$50,435
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,565.50
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$832.75
Prepaid interest, first (2 days)$178.25
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 8 moOf the original 30-year loan at 6.340%
Interest already paid$110,918Through Nov 2026
Assumption only · ends Jul 2053$551,579
New conventional · ends Dec 2056$749,336