Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,533/mo
Lowest payment- Down payment
- $26,706
- Funds due
- $37,887
- Interest + MI left
- $348,841
- First ends
- Apr 2053
New loan
New conventional
$2,657/mo
+$124/mo- Down payment
- $35,000
- Funds due
- $43,428
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $323,294 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,120.30 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $413.00 | $413.00 |
| Total housing payment | $2,533.30 | $2,656.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,706
Closing costs & prepaids$11,180
Usable credit−$0
Total buyer cash needed$37,887
Earnest money paid−$0
Remaining funds due$37,887
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,616.47
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$719.00
Initial HOA (3 months)$69.99
Prepaid interest, first (1 days)$56.86
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 5 moOf the original 30-year loan at 6.420%
Interest already paid$76,202Through Nov 2026
Assumption only · ends Apr 2053$348,841
New conventional · ends Dec 2056$477,719