Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,822/mo
Lowest payment- Down payment
- $26,193
- Funds due
- $38,260
- Interest + MI left
- $386,112
- First ends
- Apr 2053
New loan
New conventional
$3,006/mo
+$184/mo- Down payment
- $40,500
- Funds due
- $49,496
- Interest + MI left
- $552,789
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $378,807 | $364,500 |
| Second mortgage | — | — |
| First P&I | $2,413.00 | $2,523.72 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.90 |
| Taxes, insurance & HOA | $409.25 | $409.25 |
| Total housing payment | $2,822.25 | $3,005.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,193
Closing costs & prepaids$12,067
Usable credit−$0
Total buyer cash needed$38,260
Earnest money paid−$0
Remaining funds due$38,260
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,894.03
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$483.75
Initial HOA (3 months)$294.00
Prepaid interest, first (2 days)$127.03
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 5 moOf the original 30-year loan at 6.120%
Interest already paid$85,226Through Nov 2026
Assumption only · ends Apr 2053$386,112
New conventional · ends Dec 2056$552,789