Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,946/mo
Lowest payment- Down payment
- $28,898
- Funds due
- $41,582
- Interest + MI left
- $430,873
- First ends
- Jul 2053
New loan
New conventional
$3,020/mo
+$74/mo- Down payment
- $42,450
- Funds due
- $51,988
- Interest + MI left
- $558,620
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $395,602 | $382,050 |
| Second mortgage | — | — |
| First P&I | $2,590.83 | $2,588.14 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.41 |
| Taxes, insurance & HOA | $355.33 | $355.33 |
| Total housing payment | $2,946.16 | $3,019.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,898
Closing costs & prepaids$12,684
Usable credit−$0
Total buyer cash needed$41,582
Earnest money paid−$0
Remaining funds due$41,582
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,245.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,978.01
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$509.50
Initial HOA (3 months)$106.50
Prepaid interest, first (9 days)$627.22
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 6.43%
Interest already paid$88,926Through Dec 2026
Assumption only · ends Jul 2053$430,873
New conventional · ends Jan 2057$558,620