Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,172/mo
Lowest payment- Down payment
- $27,990
- Funds due
- $40,596
- Interest + MI left
- $460,022
- First ends
- Sep 2053
New loan
New conventional
$3,235/mo
+$63/mo- Down payment
- $42,490
- Funds due
- $51,898
- Interest + MI left
- $579,950
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $396,910 | $382,410 |
| Second mortgage | — | — |
| First P&I | $2,661.28 | $2,647.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.48 |
| Taxes, insurance & HOA | $510.58 | $510.58 |
| Total housing payment | $3,171.86 | $3,234.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,990
Closing costs & prepaids$12,606
Usable credit−$0
Total buyer cash needed$40,596
Earnest money paid−$0
Remaining funds due$40,596
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,984.55
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$631.75
Initial HOA (3 months)$450.00
Prepaid interest, first (1 days)$72.97
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$86,039Through Nov 2026
Assumption only · ends Sep 2053$460,022
New conventional · ends Dec 2056$579,950