Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,531/mo
Lowest payment- Down payment
- $9,724
- Funds due
- $20,830
- Interest + MI left
- $353,252
- First ends
- May 2053
New loan
New conventional
$2,611/mo
+$79/mo- Down payment
- $35,500
- Funds due
- $43,739
- Interest + MI left
- $484,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $345,276 | $319,500 |
| Second mortgage | — | — |
| First P&I | $2,196.63 | $2,212.15 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.90 |
| Taxes, insurance & HOA | $334.83 | $334.83 |
| Total housing payment | $2,531.46 | $2,610.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,724
Closing costs & prepaids$11,107
Usable credit−$0
Total buyer cash needed$20,830
Earnest money paid−$0
Remaining funds due$20,830
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,726.38
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$368.50
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$57.89
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 6 moOf the original 30-year loan at 6.120%
Interest already paid$75,823Through Nov 2026
Assumption only · ends May 2053$353,252
New conventional · ends Dec 2056$484,543