Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,518/mo
Lowest payment- Down payment
- $34,494
- Funds due
- $45,783
- Interest + MI left
- $360,667
- First ends
- Jul 2053
New loan
New conventional
$2,714/mo
+$197/mo- Down payment
- $37,000
- Funds due
- $45,466
- Interest + MI left
- $505,017
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $335,506 | $333,000 |
| Second mortgage | — | — |
| First P&I | $2,175.54 | $2,305.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.60 |
| Taxes, insurance & HOA | $342.08 | $342.08 |
| Total housing payment | $2,517.62 | $2,714.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,494
Closing costs & prepaids$11,288
Usable credit−$0
Total buyer cash needed$45,783
Earnest money paid−$0
Remaining funds due$45,783
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,677.53
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$336.25
Initial HOA (3 months)$240.00
Prepaid interest, first (2 days)$116.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 6.340%
Interest already paid$72,527Through Nov 2026
Assumption only · ends Jul 2053$360,667
New conventional · ends Dec 2056$505,017