Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,931/mo
Lowest payment- Down payment
- $42,845
- Funds due
- $55,098
- Interest + MI left
- $430,958
- First ends
- Jul 2053
New loan
New conventional
$3,164/mo
+$233/mo- Down payment
- $44,000
- Funds due
- $53,045
- Interest + MI left
- $600,561
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $397,155 | $396,000 |
| Second mortgage | — | — |
| First P&I | $2,587.85 | $2,741.82 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.20 |
| Taxes, insurance & HOA | $343.08 | $343.08 |
| Total housing payment | $2,930.94 | $3,164.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,845
Closing costs & prepaids$12,253
Usable credit−$0
Total buyer cash needed$55,098
Earnest money paid−$0
Remaining funds due$55,098
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,985.77
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$369.25
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$69.53
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 8 moOf the original 30-year loan at 6.390%
Interest already paid$86,514Through Nov 2026
Assumption only · ends Jul 2053$430,958
New conventional · ends Dec 2056$600,561