Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,807/mo
Lowest payment- Down payment
- $12,021
- Funds due
- $24,273
- Interest + MI left
- $399,495
- First ends
- Jul 2053
New loan
New conventional
$2,818/mo
+$11/mo- Down payment
- $39,000
- Funds due
- $48,216
- Interest + MI left
- $513,220
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $377,979 | $351,000 |
| Second mortgage | — | — |
| First P&I | $2,437.22 | $2,377.80 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.20 |
| Taxes, insurance & HOA | $370.00 | $370.00 |
| Total housing payment | $2,807.22 | $2,818.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,021
Closing costs & prepaids$12,252
Usable credit−$0
Total buyer cash needed$24,273
Earnest money paid−$0
Remaining funds due$24,273
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,889.89
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$468.00
Initial HOA (3 months)$192.00
Prepaid interest, first (9 days)$584.37
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 7 moOf the original 30-year loan at 6.27%
Interest already paid$82,905Through Dec 2026
Assumption only · ends Jul 2053$399,495
New conventional · ends Jan 2057$513,220