Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,000/mo
Lowest payment- Down payment
- $30,758
- Funds due
- $43,575
- Interest + MI left
- $420,415
- First ends
- Mar 2053
New loan
New conventional
$3,063/mo
+$63/mo- Down payment
- $41,900
- Funds due
- $51,611
- Interest + MI left
- $551,383
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $388,242 | $377,100 |
| Second mortgage | — | — |
| First P&I | $2,567.17 | $2,554.61 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.42 |
| Taxes, insurance & HOA | $432.58 | $432.58 |
| Total housing payment | $2,999.75 | $3,062.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,758
Closing costs & prepaids$12,817
Usable credit−$0
Total buyer cash needed$43,575
Earnest money paid−$0
Remaining funds due$43,575
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,941.21
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$502.75
Initial HOA (3 months)$345.00
Prepaid interest, first (9 days)$620.34
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 3 moOf the original 30-year loan at 6.48%
Interest already paid$96,764Through Dec 2026
Assumption only · ends Mar 2053$420,415
New conventional · ends Jan 2057$551,383