Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,751/mo
Lowest payment- Down payment
- $30,884
- Funds due
- $42,948
- Interest + MI left
- $379,225
- First ends
- Mar 2053
New loan
New conventional
$2,858/mo
+$107/mo- Down payment
- $39,100
- Funds due
- $48,220
- Interest + MI left
- $514,536
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $360,116 | $351,900 |
| Second mortgage | — | — |
| First P&I | $2,347.11 | $2,383.89 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.38 |
| Taxes, insurance & HOA | $403.42 | $403.42 |
| Total housing payment | $2,750.53 | $2,857.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,884
Closing costs & prepaids$12,064
Usable credit−$0
Total buyer cash needed$42,948
Earnest money paid−$0
Remaining funds due$42,948
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,910.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,800.58
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$469.25
Initial HOA (3 months)$291.00
Prepaid interest, first (6 days)$374.72
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 3 moOf the original 30-year loan at 6.33%
Interest already paid$87,736Through Dec 2026
Assumption only · ends Mar 2053$379,225
New conventional · ends Jan 2057$514,536