Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,773/mo
Lowest payment- Down payment
- $16,561
- Funds due
- $28,243
- Interest + MI left
- $401,473
- First ends
- Jul 2053
New loan
New conventional
$2,868/mo
+$95/mo- Down payment
- $39,500
- Funds due
- $48,109
- Interest + MI left
- $539,140
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $378,439 | $355,500 |
| Second mortgage | — | — |
| First P&I | $2,437.22 | $2,461.41 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.10 |
| Taxes, insurance & HOA | $335.67 | $335.67 |
| Total housing payment | $2,772.89 | $2,868.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,561
Closing costs & prepaids$11,682
Usable credit−$0
Total buyer cash needed$28,243
Earnest money paid−$0
Remaining funds due$28,243
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,892.19
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$365.00
Initial HOA (3 months)$192.00
Prepaid interest, first (1 days)$65.01
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 8 moOf the original 30-year loan at 6.270%
Interest already paid$80,928Through Nov 2026
Assumption only · ends Jul 2053$401,473
New conventional · ends Dec 2056$539,140