Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,949/mo
Lowest payment- Down payment
- $22,764
- Funds due
- $35,492
- Interest + MI left
- $413,170
- First ends
- Jul 2053
New loan
New conventional
$3,014/mo
+$64/mo- Down payment
- $41,000
- Funds due
- $50,638
- Interest + MI left
- $539,539
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $387,236 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,509.11 | $2,499.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $73.80 |
| Taxes, insurance & HOA | $440.00 | $440.00 |
| Total housing payment | $2,949.11 | $3,013.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,764
Closing costs & prepaids$12,728
Usable credit−$0
Total buyer cash needed$35,492
Earnest money paid−$0
Remaining funds due$35,492
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,936.18
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$492.00
Initial HOA (3 months)$378.00
Prepaid interest, first (9 days)$603.45
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 6.32%
Interest already paid$85,595Through Dec 2026
Assumption only · ends Jul 2053$413,170
New conventional · ends Jan 2057$539,539