Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,658/mo
Lowest payment- Down payment
- $19,409
- Funds due
- $31,381
- Interest + MI left
- $368,202
- First ends
- Apr 2053
New loan
New conventional
$2,737/mo
+$79/mo- Down payment
- $37,990
- Funds due
- $47,045
- Interest + MI left
- $499,929
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $360,491 | $341,910 |
| Second mortgage | — | — |
| First P&I | $2,305.99 | $2,316.22 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.38 |
| Taxes, insurance & HOA | $352.00 | $352.00 |
| Total housing payment | $2,657.99 | $2,736.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,409
Closing costs & prepaids$11,972
Usable credit−$0
Total buyer cash needed$31,381
Earnest money paid−$0
Remaining funds due$31,381
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,802.46
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$456.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$546.66
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 4 moOf the original 30-year loan at 6.15%
Interest already paid$83,445Through Dec 2026
Assumption only · ends Apr 2053$368,202
New conventional · ends Jan 2057$499,929