Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,794/mo
Lowest payment- Down payment
- $17,676
- Funds due
- $29,284
- Interest + MI left
- $408,260
- First ends
- Jun 2053
New loan
New conventional
$2,831/mo
+$37/mo- Down payment
- $38,500
- Funds due
- $47,098
- Interest + MI left
- $525,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,324 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,431.30 | $2,399.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.30 |
| Taxes, insurance & HOA | $362.50 | $362.50 |
| Total housing payment | $2,793.80 | $2,830.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,676
Closing costs & prepaids$11,608
Usable credit−$0
Total buyer cash needed$29,284
Earnest money paid−$0
Remaining funds due$29,284
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,836.62
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$350.50
Initial HOA (3 months)$287.01
Prepaid interest, first (1 days)$65.82
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 closing26 yr 7 moOf the original 30-year loan at 6.540%
Interest already paid$83,945Through Nov 2026
Assumption only · ends Jun 2053$408,260
New conventional · ends Dec 2056$525,491