Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,135/mo
Lowest payment- Down payment
- $38,402
- Funds due
- $51,482
- Interest + MI left
- $470,264
- First ends
- Aug 2053
New loan
New conventional
$3,172/mo
+$37/mo- Down payment
- $44,000
- Funds due
- $53,866
- Interest + MI left
- $579,017
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $401,598 | $396,000 |
| Second mortgage | — | — |
| First P&I | $2,724.57 | $2,682.64 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.20 |
| Taxes, insurance & HOA | $410.00 | $410.00 |
| Total housing payment | $3,134.57 | $3,171.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,402
Closing costs & prepaids$13,080
Usable credit−$0
Total buyer cash needed$51,482
Earnest money paid−$0
Remaining funds due$51,482
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,007.99
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$674.35
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8 moOf the original 30-year loan at 6.81%
Interest already paid$93,081Through Dec 2026
Assumption only · ends Aug 2053$470,264
New conventional · ends Jan 2057$579,017