Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,577/mo
Lowest payment- Down payment
- $32,167
- Funds due
- $43,361
- Interest + MI left
- $386,486
- First ends
- Jun 2053
New loan
New conventional
$2,711/mo
+$134/mo- Down payment
- $37,990
- Funds due
- $46,279
- Interest + MI left
- $518,530
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $347,733 | $341,910 |
| Second mortgage | — | — |
| First P&I | $2,301.63 | $2,367.32 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.38 |
| Taxes, insurance & HOA | $275.33 | $275.33 |
| Total housing payment | $2,576.96 | $2,711.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,167
Closing costs & prepaids$11,194
Usable credit−$0
Total buyer cash needed$43,361
Earnest money paid−$0
Remaining funds due$43,361
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,738.67
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$358.00
Initial HOA (3 months)$18.00
Prepaid interest, first (1 days)$62.31
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 6.540%
Interest already paid$79,468Through Nov 2026
Assumption only · ends Jun 2053$386,486
New conventional · ends Dec 2056$518,530