Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,642/mo
Lowest payment- Down payment
- $769
- Funds due
- $12,543
- Interest + MI left
- $342,123
- First ends
- Jun 2053
New loan
New conventional
$2,882/mo
+$241/mo- Down payment
- $40,000
- Funds due
- $48,601
- Interest + MI left
- $545,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $399,231 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,323.99 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $317.58 | $317.58 |
| Total housing payment | $2,641.58 | $2,882.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$769
Closing costs & prepaids$11,774
Usable credit−$0
Total buyer cash needed$12,543
Earnest money paid−$0
Remaining funds due$12,543
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,996.16
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$286.75
Initial HOA (3 months)$216.00
Prepaid interest, first (1 days)$57.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5.250%
Interest already paid$73,657Through Nov 2026
Assumption only · ends Jun 2053$342,123
New conventional · ends Dec 2056$545,964