Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,027/mo
Lowest payment- Down payment
- $22,726
- Funds due
- $35,489
- Interest + MI left
- $445,433
- First ends
- Jun 2053
New loan
New conventional
$3,029/mo
+$2/mo- Down payment
- $42,500
- Funds due
- $52,062
- Interest + MI left
- $559,277
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $402,273 | $382,499 |
| Second mortgage | — | — |
| First P&I | $2,665.74 | $2,591.18 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.50 |
| Taxes, insurance & HOA | $361.67 | $361.67 |
| Total housing payment | $3,027.41 | $3,029.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,726
Closing costs & prepaids$12,763
Usable credit−$0
Total buyer cash needed$35,489
Earnest money paid−$0
Remaining funds due$35,489
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,011.37
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$510.00
Initial HOA (3 months)$125.01
Prepaid interest, first (9 days)$648.71
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 6 moOf the original 30-year loan at 6.54%
Interest already paid$94,235Through Dec 2026
Assumption only · ends Jun 2053$445,433
New conventional · ends Jan 2057$559,277