Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,551/mo
Lowest payment- Down payment
- $10,159
- Funds due
- $21,784
- Interest + MI left
- $351,491
- First ends
- May 2053
New loan
New conventional
$2,582/mo
+$32/mo- Down payment
- $35,500
- Funds due
- $44,298
- Interest + MI left
- $467,162
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $344,841 | $319,500 |
| Second mortgage | — | — |
| First P&I | $2,196.63 | $2,164.40 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.90 |
| Taxes, insurance & HOA | $354.00 | $354.00 |
| Total housing payment | $2,550.63 | $2,582.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,159
Closing costs & prepaids$11,625
Usable credit−$0
Total buyer cash needed$21,784
Earnest money paid−$0
Remaining funds due$21,784
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,724.20
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$426.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$520.38
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 5 moOf the original 30-year loan at 6.12%
Interest already paid$77,584Through Dec 2026
Assumption only · ends May 2053$351,491
New conventional · ends Jan 2057$467,162