Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,729/mo
Lowest payment- Down payment
- $43,405
- Funds due
- $55,177
- Interest + MI left
- $382,521
- First ends
- Apr 2053
New loan
New conventional
$2,942/mo
+$213/mo- Down payment
- $39,400
- Funds due
- $48,242
- Interest + MI left
- $537,775
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $350,595 | $354,600 |
| Second mortgage | — | — |
| First P&I | $2,312.67 | $2,455.18 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.92 |
| Taxes, insurance & HOA | $416.25 | $416.25 |
| Total housing payment | $2,728.92 | $2,942.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,405
Closing costs & prepaids$11,772
Usable credit−$0
Total buyer cash needed$55,177
Earnest money paid−$0
Remaining funds due$55,177
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,940.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,752.97
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$498.75
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$62.24
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 5 moOf the original 30-year loan at 6.480%
Interest already paid$83,388Through Nov 2026
Assumption only · ends Apr 2053$382,521
New conventional · ends Dec 2056$537,775