Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,249/mo
+$404/mo- Down payment
- $0
- Funds due
- $14,762
- Interest + MI left
- $617,733
- First ends
- May 2053
New loan
New conventional
$3,845/mo
Lowest payment- Down payment
- $52,500
- Funds due
- $63,029
- Interest + MI left
- $716,578
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $581,125 | $472,500 |
| Second mortgage | — | — |
| First P&I | $3,769.99 | $3,271.49 |
| Second P&I | — | — |
| Mortgage insurance | — | $94.50 |
| Taxes, insurance & HOA | $479.16 | $479.16 |
| Total housing payment | $4,249.16 | $3,845.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,762
Usable credit−$0
Total buyer cash needed$14,762
Earnest money paid−$0
Remaining funds due$14,762
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,905.62
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$837.50
Initial HOA (3 months)$99.99
Prepaid interest, first (2 days)$201.24
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 6.320%
Interest already paid$131,673Through Nov 2026
Assumption only · ends May 2053$617,733
New conventional · ends Dec 2056$716,578