Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,214/mo
Lowest payment- Down payment
- $29,814
- Funds due
- $43,246
- Interest + MI left
- $443,922
- First ends
- Mar 2053
New loan
New conventional
$3,292/mo
+$78/mo- Down payment
- $44,900
- Funds due
- $55,052
- Interest + MI left
- $590,861
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $419,186 | $404,100 |
| Second mortgage | — | — |
| First P&I | $2,740.03 | $2,737.51 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.82 |
| Taxes, insurance & HOA | $473.58 | $473.58 |
| Total housing payment | $3,213.61 | $3,291.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,814
Closing costs & prepaids$13,432
Usable credit−$0
Total buyer cash needed$43,246
Earnest money paid−$0
Remaining funds due$43,246
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,095.93
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$538.75
Initial HOA (3 months)$432.00
Prepaid interest, first (9 days)$657.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 6.36%
Interest already paid$102,597Through Dec 2026
Assumption only · ends Mar 2053$443,922
New conventional · ends Jan 2057$590,861