Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,706/mo
Lowest payment- Down payment
- $1,346
- Funds due
- $13,770
- Interest + MI left
- $340,376
- First ends
- Jun 2053
New loan
New conventional
$2,893/mo
+$187/mo- Down payment
- $40,000
- Funds due
- $49,358
- Interest + MI left
- $526,380
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $398,654 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,323.99 | $2,438.77 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $382.00 | $382.00 |
| Total housing payment | $2,705.99 | $2,892.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,346
Closing costs & prepaids$12,423
Usable credit−$0
Total buyer cash needed$13,770
Earnest money paid−$0
Remaining funds due$13,770
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,993.27
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Initial HOA (3 months)$216.00
Prepaid interest, first (9 days)$516.07
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 6 moOf the original 30-year loan at 5.25%
Interest already paid$75,403Through Dec 2026
Assumption only · ends Jun 2053$340,376
New conventional · ends Jan 2057$526,380