Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,714/mo
Lowest payment- Down payment
- $28,825
- Funds due
- $40,898
- Interest + MI left
- $380,628
- First ends
- Apr 2053
New loan
New conventional
$2,781/mo
+$66/mo- Down payment
- $37,900
- Funds due
- $47,095
- Interest + MI left
- $498,745
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $350,175 | $341,100 |
| Second mortgage | — | — |
| First P&I | $2,312.67 | $2,310.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.22 |
| Taxes, insurance & HOA | $401.58 | $401.58 |
| Total housing payment | $2,714.25 | $2,780.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,825
Closing costs & prepaids$12,073
Usable credit−$0
Total buyer cash needed$40,898
Earnest money paid−$0
Remaining funds due$40,898
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,750.88
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$454.75
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$559.51
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 4 moOf the original 30-year loan at 6.48%
Interest already paid$85,281Through Dec 2026
Assumption only · ends Apr 2053$380,628
New conventional · ends Jan 2057$498,745