Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,469/mo
Lowest payment- Down payment
- $52,595
- Funds due
- $66,977
- Interest + MI left
- $493,401
- First ends
- Feb 2054
New loan
New conventional
$3,983/mo
+$513/mo- Down payment
- $55,500
- Funds due
- $66,044
- Interest + MI left
- $757,525
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $502,405 | $499,500 |
| Second mortgage | — | — |
| First P&I | $3,045.28 | $3,458.44 |
| Second P&I | — | — |
| Mortgage insurance | — | $99.90 |
| Taxes, insurance & HOA | $424.17 | $424.17 |
| Total housing payment | $3,469.44 | $3,982.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,595
Closing costs & prepaids$14,382
Usable credit−$0
Total buyer cash needed$66,977
Earnest money paid−$0
Remaining funds due$66,977
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,512.02
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$475.50
Initial HOA (3 months)$297.00
Prepaid interest, first (1 days)$79.15
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 closing27 yr 3 moOf the original 30-year loan at 5.750%
Interest already paid$81,066Through Nov 2026
Assumption only · ends Feb 2054$493,401
New conventional · ends Dec 2056$757,525