Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,181/mo
Lowest payment- Down payment
- $29,298
- Funds due
- $42,049
- Interest + MI left
- $446,147
- First ends
- Mar 2053
New loan
New conventional
$3,319/mo
+$139/mo- Down payment
- $44,900
- Funds due
- $54,319
- Interest + MI left
- $612,845
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $419,702 | $404,100 |
| Second mortgage | — | — |
| First P&I | $2,740.03 | $2,797.91 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.82 |
| Taxes, insurance & HOA | $440.50 | $440.50 |
| Total housing payment | $3,180.53 | $3,319.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,298
Closing costs & prepaids$12,751
Usable credit−$0
Total buyer cash needed$42,049
Earnest money paid−$0
Remaining funds due$42,049
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,098.51
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$439.50
Initial HOA (3 months)$432.00
Prepaid interest, first (1 days)$73.13
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.360%
Interest already paid$100,373Through Nov 2026
Assumption only · ends Mar 2053$446,147
New conventional · ends Dec 2056$612,845