Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,184/mo
+$708/mo- Down payment
- $0
- Funds due
- $14,336
- Interest + MI left
- $609,306
- First ends
- Jan 2053
New loan
New conventional
$3,475/mo
Lowest payment- Down payment
- $46,000
- Funds due
- $56,461
- Interest + MI left
- $598,289
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $509,950 | $414,000 |
| Second mortgage | — | — |
| First P&I | $3,575.90 | $2,785.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.80 |
| Taxes, insurance & HOA | $607.67 | $607.67 |
| Total housing payment | $4,183.57 | $3,475.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,336
Usable credit−$0
Total buyer cash needed$14,336
Earnest money paid−$0
Remaining funds due$14,336
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,549.75
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,173.00
Initial HOA (3 months)$150.00
Prepaid interest, first (4 days)$395.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 1 moOf the original 30-year loan at 7.08%
Interest already paid$144,846Through Dec 2026
Assumption only · ends Jan 2053$609,306
New conventional · ends Jan 2057$598,289