Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,831/mo
+$350/mo- Down payment
- $0
- Funds due
- $14,186
- Interest + MI left
- $562,326
- First ends
- Sep 2053
New loan
New conventional
$3,481/mo
Lowest payment- Down payment
- $46,500
- Funds due
- $56,957
- Interest + MI left
- $611,916
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $486,988 | $418,500 |
| Second mortgage | — | — |
| First P&I | $3,268.89 | $2,835.06 |
| Second P&I | — | — |
| Mortgage insurance | — | $83.70 |
| Taxes, insurance & HOA | $561.92 | $561.92 |
| Total housing payment | $3,830.81 | $3,480.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$14,186
Usable credit−$0
Total buyer cash needed$14,186
Earnest money paid−$0
Remaining funds due$14,186
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,434.94
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,185.75
Prepaid interest, first (5 days)$447.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 9 moOf the original 30-year loan at 6.71%
Interest already paid$108,409Through Dec 2026
Assumption only · ends Sep 2053$562,326
New conventional · ends Jan 2057$611,916