Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,282/mo
+$1,052/mo- Down payment
- $0
- Funds due
- $13,657
- Interest + MI left
- $616,096
- First ends
- May 2053
New loan
New conventional
$3,229/mo
Lowest payment- Down payment
- $42,500
- Funds due
- $51,968
- Interest + MI left
- $580,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $585,093 | $382,500 |
| Second mortgage | — | — |
| First P&I | $3,777.33 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.50 |
| Taxes, insurance & HOA | $504.33 | $504.33 |
| Total housing payment | $4,281.66 | $3,229.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,657
Usable credit−$0
Total buyer cash needed$13,657
Earnest money paid−$0
Remaining funds due$13,657
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,925.47
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$691.00
Initial HOA (3 months)$372.00
Prepaid interest, first (2 days)$201.02
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 6.270%
Interest already paid$131,551Through Nov 2026
Assumption only · ends May 2053$616,096
New conventional · ends Dec 2056$580,087