Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,529/mo
Lowest payment- Down payment
- $34,622
- Funds due
- $46,123
- Interest + MI left
- $360,917
- First ends
- Feb 2053
New loan
New conventional
$2,572/mo
+$43/mo- Down payment
- $34,990
- Funds due
- $43,800
- Interest + MI left
- $460,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $315,278 | $314,910 |
| Second mortgage | — | — |
| First P&I | $2,153.49 | $2,133.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.98 |
| Taxes, insurance & HOA | $376.00 | $376.00 |
| Total housing payment | $2,529.49 | $2,572.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,622
Closing costs & prepaids$11,501
Usable credit−$0
Total buyer cash needed$46,123
Earnest money paid−$0
Remaining funds due$46,123
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,576.39
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$420.00
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$529.41
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 2 moOf the original 30-year loan at 6.81%
Interest already paid$84,349Through Dec 2026
Assumption only · ends Feb 2053$360,917
New conventional · ends Jan 2057$460,451