Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,901/mo
+$465/mo- Down payment
- $0
- Funds due
- $11,095
- Interest + MI left
- $415,020
- First ends
- Mar 2053
New loan
New conventional
$2,436/mo
Lowest payment- Down payment
- $32,500
- Funds due
- $40,516
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $390,420 | $292,500 |
| Second mortgage | — | — |
| First P&I | $2,548.86 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.50 |
| Taxes, insurance & HOA | $352.17 | $352.17 |
| Total housing payment | $2,901.03 | $2,435.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,095
Usable credit−$0
Total buyer cash needed$11,095
Earnest money paid−$0
Remaining funds due$11,095
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,952.10
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$306.50
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$68.03
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$93,370Through Nov 2026
Assumption only · ends Mar 2053$415,020
New conventional · ends Dec 2056$443,596