Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,909/mo
Lowest payment- Down payment
- $14,689
- Funds due
- $27,255
- Interest + MI left
- $398,102
- First ends
- May 2053
New loan
New conventional
$2,933/mo
+$23/mo- Down payment
- $39,490
- Funds due
- $49,010
- Interest + MI left
- $519,664
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $380,208 | $355,407 |
| Second mortgage | — | — |
| First P&I | $2,455.24 | $2,407.65 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.08 |
| Taxes, insurance & HOA | $454.00 | $454.00 |
| Total housing payment | $2,909.24 | $2,932.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,689
Closing costs & prepaids$12,567
Usable credit−$0
Total buyer cash needed$27,255
Earnest money paid−$0
Remaining funds due$27,255
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,948.97
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,901.04
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$474.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$586.88
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 6.26%
Interest already paid$87,444Through Dec 2026
Assumption only · ends May 2053$398,102
New conventional · ends Jan 2057$519,664