Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,545/mo
Lowest payment- Down payment
- $34,260
- Funds due
- $45,339
- Interest + MI left
- $362,708
- First ends
- Feb 2053
New loan
New conventional
$2,635/mo
+$90/mo- Down payment
- $34,990
- Funds due
- $43,353
- Interest + MI left
- $477,582
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $315,640 | $314,910 |
| Second mortgage | — | — |
| First P&I | $2,153.49 | $2,180.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.98 |
| Taxes, insurance & HOA | $391.75 | $391.75 |
| Total housing payment | $2,545.24 | $2,635.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,260
Closing costs & prepaids$11,079
Usable credit−$0
Total buyer cash needed$45,339
Earnest money paid−$0
Remaining funds due$45,339
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,578.20
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$467.25
Initial HOA (3 months)$258.00
Prepaid interest, first (1 days)$58.89
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 3 moOf the original 30-year loan at 6.810%
Interest already paid$82,557Through Nov 2026
Assumption only · ends Feb 2053$362,708
New conventional · ends Dec 2056$477,582