Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,763/mo
+$9/mo- Down payment
- $39,108
- Funds due
- $50,861
- Interest + MI left
- $442,689
- First ends
- Nov 2053
New loan
New conventional
$2,753/mo
Lowest payment- Down payment
- $38,990
- Funds due
- $47,806
- Interest + MI left
- $513,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $350,792 | $350,910 |
| Second mortgage | — | — |
| First P&I | $2,456.60 | $2,377.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.18 |
| Taxes, insurance & HOA | $306.00 | $306.00 |
| Total housing payment | $2,762.60 | $2,753.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,108
Closing costs & prepaids$11,753
Usable credit−$0
Total buyer cash needed$50,861
Earnest money paid−$0
Remaining funds due$50,861
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,753.96
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$468.00
Prepaid interest, first (6 days)$414.03
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 11 moOf the original 30-year loan at 7.18%
Interest already paid$79,054Through Dec 2026
Assumption only · ends Nov 2053$442,689
New conventional · ends Jan 2057$513,088