Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,880/mo
Lowest payment- Down payment
- $33,164
- Funds due
- $45,532
- Interest + MI left
- $396,704
- First ends
- Feb 2053
New loan
New conventional
$2,975/mo
+$95/mo- Down payment
- $40,500
- Funds due
- $49,848
- Interest + MI left
- $532,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $371,836 | $364,500 |
| Second mortgage | — | — |
| First P&I | $2,447.58 | $2,469.25 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.90 |
| Taxes, insurance & HOA | $432.67 | $432.67 |
| Total housing payment | $2,880.25 | $2,974.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,164
Closing costs & prepaids$12,368
Usable credit−$0
Total buyer cash needed$45,532
Earnest money paid−$0
Remaining funds due$45,532
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,859.18
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$486.00
Initial HOA (3 months)$362.01
Prepaid interest, first (6 days)$392.41
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 2 moOf the original 30-year loan at 6.42%
Interest already paid$93,946Through Dec 2026
Assumption only · ends Feb 2053$396,704
New conventional · ends Jan 2057$532,959