Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,974/mo
+$318/mo- Down payment
- $0
- Funds due
- $11,932
- Interest + MI left
- $428,144
- First ends
- May 2053
New loan
New conventional
$2,655/mo
Lowest payment- Down payment
- $37,000
- Funds due
- $45,697
- Interest + MI left
- $486,901
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,900 | $333,000 |
| Second mortgage | — | — |
| First P&I | $2,640.52 | $2,255.86 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.60 |
| Taxes, insurance & HOA | $333.00 | $333.00 |
| Total housing payment | $2,973.52 | $2,655.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,932
Usable credit−$0
Total buyer cash needed$11,932
Earnest money paid−$0
Remaining funds due$11,932
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,044.50
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$444.00
Initial HOA (3 months)$105.00
Prepaid interest, first (6 days)$420.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.26%
Interest already paid$94,042Through Dec 2026
Assumption only · ends May 2053$428,144
New conventional · ends Jan 2057$486,901