Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,989/mo
Lowest payment- Down payment
- $22,255
- Funds due
- $34,330
- Interest + MI left
- $447,628
- First ends
- Jun 2053
New loan
New conventional
$3,048/mo
+$59/mo- Down payment
- $42,500
- Funds due
- $51,348
- Interest + MI left
- $580,085
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $402,744 | $382,499 |
| Second mortgage | — | — |
| First P&I | $2,665.74 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.50 |
| Taxes, insurance & HOA | $323.59 | $323.59 |
| Total housing payment | $2,989.33 | $3,048.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,255
Closing costs & prepaids$12,075
Usable credit−$0
Total buyer cash needed$34,330
Earnest money paid−$0
Remaining funds due$34,330
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,013.72
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$395.75
Initial HOA (3 months)$125.01
Prepaid interest, first (1 days)$72.16
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 7 moOf the original 30-year loan at 6.540%
Interest already paid$92,040Through Nov 2026
Assumption only · ends Jun 2053$447,628
New conventional · ends Dec 2056$580,085