Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,009/mo
Lowest payment- Down payment
- $14,220
- Funds due
- $26,567
- Interest + MI left
- $400,088
- First ends
- May 2053
New loan
New conventional
$3,086/mo
+$77/mo- Down payment
- $39,490
- Funds due
- $48,752
- Interest + MI left
- $539,000
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $380,678 | $355,408 |
| Second mortgage | — | — |
| First P&I | $2,455.24 | $2,460.77 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.08 |
| Taxes, insurance & HOA | $553.75 | $553.75 |
| Total housing payment | $3,008.99 | $3,085.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,220
Closing costs & prepaids$12,347
Usable credit−$0
Total buyer cash needed$26,567
Earnest money paid−$0
Remaining funds due$26,567
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,948.98
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,903.39
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$773.25
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$65.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 6.260%
Interest already paid$85,458Through Nov 2026
Assumption only · ends May 2053$400,088
New conventional · ends Dec 2056$539,000