Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,821/mo
Lowest payment- Down payment
- $21,673
- Funds due
- $34,128
- Interest + MI left
- $384,181
- First ends
- Apr 2053
New loan
New conventional
$2,919/mo
+$98/mo- Down payment
- $40,000
- Funds due
- $49,436
- Interest + MI left
- $526,378
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $378,326 | $359,999 |
| Second mortgage | — | — |
| First P&I | $2,413.00 | $2,438.76 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $408.00 | $408.00 |
| Total housing payment | $2,821.00 | $2,918.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,673
Closing costs & prepaids$12,455
Usable credit−$0
Total buyer cash needed$34,128
Earnest money paid−$0
Remaining funds due$34,128
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,891.63
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$570.91
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 6.12%
Interest already paid$87,158Through Dec 2026
Assumption only · ends Apr 2053$384,181
New conventional · ends Jan 2057$526,378