Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,516/mo
Lowest payment- Down payment
- $46,483
- Funds due
- $59,779
- Interest + MI left
- $553,550
- First ends
- Jan 2053
New loan
New conventional
$3,540/mo
+$24/mo- Down payment
- $50,800
- Funds due
- $60,490
- Interest + MI left
- $693,375
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $461,517 | $457,200 |
| Second mortgage | — | — |
| First P&I | $3,232.70 | $3,165.56 |
| Second P&I | — | — |
| Mortgage insurance | — | $91.44 |
| Taxes, insurance & HOA | $283.42 | $283.42 |
| Total housing payment | $3,516.11 | $3,540.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,483
Closing costs & prepaids$13,295
Usable credit−$0
Total buyer cash needed$59,779
Earnest money paid−$0
Remaining funds due$59,779
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,080.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,307.58
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$299.25
Initial HOA (3 months)$51.00
Prepaid interest, first (1 days)$89.52
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 2 moOf the original 30-year loan at 7.080%
Interest already paid$128,221Through Nov 2026
Assumption only · ends Jan 2053$553,550
New conventional · ends Dec 2056$693,375