Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,595/mo
Lowest payment- Down payment
- $36,844
- Funds due
- $48,326
- Interest + MI left
- $359,230
- First ends
- Aug 2053
New loan
New conventional
$2,763/mo
+$169/mo- Down payment
- $35,590
- Funds due
- $44,343
- Interest + MI left
- $485,772
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $319,056 | $320,310 |
| Second mortgage | — | — |
| First P&I | $2,113.04 | $2,217.76 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.06 |
| Taxes, insurance & HOA | $481.58 | $481.58 |
| Total housing payment | $2,594.62 | $2,763.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,844
Closing costs & prepaids$11,482
Usable credit−$0
Total buyer cash needed$48,326
Earnest money paid−$0
Remaining funds due$48,326
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,559.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,595.28
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$889.75
Initial HOA (3 months)$105.00
Prepaid interest, first (2 days)$114.86
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 9 moOf the original 30-year loan at 6.570%
Interest already paid$69,580Through Nov 2026
Assumption only · ends Aug 2053$359,230
New conventional · ends Dec 2056$485,772