Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,784/mo
Lowest payment- Down payment
- $29,237
- Funds due
- $41,540
- Interest + MI left
- $400,715
- First ends
- Jul 2053
New loan
New conventional
$2,876/mo
+$92/mo- Down payment
- $39,990
- Funds due
- $49,299
- Interest + MI left
- $526,248
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $370,663 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,418.11 | $2,438.16 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.98 |
| Taxes, insurance & HOA | $366.00 | $366.00 |
| Total housing payment | $2,784.11 | $2,876.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,237
Closing costs & prepaids$12,302
Usable credit−$0
Total buyer cash needed$41,540
Earnest money paid−$0
Remaining funds due$41,540
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,853.31
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)$168.00
Prepaid interest, first (9 days)$584.02
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 7 moOf the original 30-year loan at 6.39%
Interest already paid$82,815Through Dec 2026
Assumption only · ends Jul 2053$400,715
New conventional · ends Jan 2057$526,248