Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,638/mo
Lowest payment- Down payment
- $40,517
- Funds due
- $52,482
- Interest + MI left
- $364,031
- First ends
- Apr 2053
New loan
New conventional
$2,856/mo
+$218/mo- Down payment
- $39,900
- Funds due
- $48,944
- Interest + MI left
- $525,064
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $358,483 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,286.44 | $2,432.67 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.82 |
| Taxes, insurance & HOA | $351.25 | $351.25 |
| Total housing payment | $2,637.69 | $2,855.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,517
Closing costs & prepaids$11,965
Usable credit−$0
Total buyer cash needed$52,482
Earnest money paid−$0
Remaining funds due$52,482
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,792.42
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$478.75
Initial HOA (3 months)$125.01
Prepaid interest, first (6 days)$360.64
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 4 moOf the original 30-year loan at 6.12%
Interest already paid$82,586Through Dec 2026
Assumption only · ends Apr 2053$364,031
New conventional · ends Jan 2057$525,064