Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,997/mo
Lowest payment- Down payment
- $36,324
- Funds due
- $51,229
- Interest + MI left
- $551,774
- First ends
- Oct 2053
New loan
New conventional
$4,043/mo
+$45/mo- Down payment
- $49,500
- Funds due
- $60,828
- Interest + MI left
- $675,631
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $458,676 | $445,500 |
| Second mortgage | — | — |
| First P&I | $3,128.33 | $3,084.55 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.10 |
| Taxes, insurance & HOA | $869.17 | $869.17 |
| Total housing payment | $3,997.50 | $4,042.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,324
Closing costs & prepaids$14,906
Usable credit−$0
Total buyer cash needed$51,229
Earnest money paid−$0
Remaining funds due$51,229
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,293.38
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,237.50
Initial HOA (3 months)$870.00
Prepaid interest, first (1 days)$86.71
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 11 moOf the original 30-year loan at 6.900%
Interest already paid$99,428Through Nov 2026
Assumption only · ends Oct 2053$551,774
New conventional · ends Dec 2056$675,631