Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,489/mo
+$146/mo- Down payment
- $0
- Funds due
- $18,702
- Interest + MI left
- $674,531
- First ends
- May 2053
New loan
New conventional
$5,343/mo
Lowest payment- Down payment
- $64,990
- Funds due
- $78,779
- Interest + MI left
- $887,055
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $696,937 | $584,910 |
| Second mortgage | — | — |
| First P&I | $4,312.79 | $4,049.80 |
| Second P&I | — | — |
| Mortgage insurance | — | $116.98 |
| Taxes, insurance & HOA | $1,175.75 | $1,175.75 |
| Total housing payment | $5,488.54 | $5,342.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$18,702
Usable credit−$0
Total buyer cash needed$18,702
Earnest money paid−$0
Remaining funds due$18,702
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,484.69
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$2,412.25
Initial HOA (3 months)$615.00
Prepaid interest, first (2 days)$223.02
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 5.840%
Interest already paid$146,228Through Nov 2026
Assumption only · ends May 2053$674,531
New conventional · ends Dec 2056$887,055