Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,216/mo
+$263/mo- Down payment
- $0
- Funds due
- $12,289
- Interest + MI left
- $461,744
- First ends
- Jul 2053
New loan
New conventional
$2,953/mo
Lowest payment- Down payment
- $39,300
- Funds due
- $48,254
- Interest + MI left
- $536,410
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $428,724 | $353,700 |
| Second mortgage | — | — |
| First P&I | $2,782.71 | $2,448.95 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.74 |
| Taxes, insurance & HOA | $432.83 | $432.83 |
| Total housing payment | $3,215.55 | $2,952.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,289
Usable credit−$0
Total buyer cash needed$12,289
Earnest money paid−$0
Remaining funds due$12,289
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,930.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,143.62
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$848.50
Prepaid interest, first (2 days)$149.17
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.350%
Interest already paid$92,821Through Nov 2026
Assumption only · ends Jul 2053$461,744
New conventional · ends Dec 2056$536,410