Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,750/mo
Lowest payment- Down payment
- $31,263
- Funds due
- $45,855
- Interest + MI left
- $508,392
- First ends
- May 2053
New loan
New conventional
$3,932/mo
+$182/mo- Down payment
- $51,499
- Funds due
- $62,386
- Interest + MI left
- $702,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $483,727 | $463,491 |
| Second mortgage | — | — |
| First P&I | $3,119.87 | $3,209.12 |
| Second P&I | — | — |
| Mortgage insurance | — | $92.70 |
| Taxes, insurance & HOA | $629.83 | $629.83 |
| Total housing payment | $3,749.70 | $3,931.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,263
Closing costs & prepaids$14,592
Usable credit−$0
Total buyer cash needed$45,855
Earnest money paid−$0
Remaining funds due$45,855
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,149.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,418.63
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,218.50
Initial HOA (3 months)$171.00
Prepaid interest, first (2 days)$165.92
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 6.260%
Interest already paid$108,591Through Nov 2026
Assumption only · ends May 2053$508,392
New conventional · ends Dec 2056$702,915