Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,808/mo
Lowest payment- Down payment
- $12,806
- Funds due
- $25,455
- Interest + MI left
- $324,307
- First ends
- Mar 2053
New loan
New conventional
$3,218/mo
+$410/mo- Down payment
- $43,000
- Funds due
- $52,385
- Interest + MI left
- $586,912
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $417,194 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,346.52 | $2,679.51 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.40 |
| Taxes, insurance & HOA | $461.08 | $461.08 |
| Total housing payment | $2,807.60 | $3,217.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,806
Closing costs & prepaids$12,649
Usable credit−$0
Total buyer cash needed$25,455
Earnest money paid−$0
Remaining funds due$25,455
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,085.97
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$618.25
Initial HOA (3 months)$315.00
Prepaid interest, first (2 days)$111.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 4.875%
Interest already paid$77,039Through Nov 2026
Assumption only · ends Mar 2053$324,307
New conventional · ends Dec 2056$586,912