Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,948/mo
Lowest payment- Down payment
- $30,290
- Funds due
- $42,402
- Interest + MI left
- $422,514
- First ends
- Mar 2053
New loan
New conventional
$3,067/mo
+$119/mo- Down payment
- $41,900
- Funds due
- $50,864
- Interest + MI left
- $571,898
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $388,710 | $377,100 |
| Second mortgage | — | — |
| First P&I | $2,567.17 | $2,610.96 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.42 |
| Taxes, insurance & HOA | $380.58 | $380.58 |
| Total housing payment | $2,947.75 | $3,066.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,290
Closing costs & prepaids$12,112
Usable credit−$0
Total buyer cash needed$42,402
Earnest money paid−$0
Remaining funds due$42,402
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,943.55
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$346.75
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$69.01
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 6.480%
Interest already paid$94,665Through Nov 2026
Assumption only · ends Mar 2053$422,514
New conventional · ends Dec 2056$571,898