Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,304/mo
Lowest payment- Down payment
- $20,778
- Funds due
- $31,415
- Interest + MI left
- $309,120
- First ends
- May 2053
New loan
New conventional
$2,384/mo
+$80/mo- Down payment
- $30,200
- Funds due
- $38,345
- Interest + MI left
- $412,203
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $281,222 | $271,800 |
| Second mortgage | — | — |
| First P&I | $1,856.42 | $1,881.89 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.36 |
| Taxes, insurance & HOA | $447.42 | $447.42 |
| Total housing payment | $2,303.84 | $2,383.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,778
Closing costs & prepaids$10,637
Usable credit−$0
Total buyer cash needed$31,415
Earnest money paid−$0
Remaining funds due$31,415
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,020.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,406.11
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$854.75
Initial HOA (3 months)$37.50
Prepaid interest, first (2 days)$100.16
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 6 moOf the original 30-year loan at 6.500%
Interest already paid$65,485Through Nov 2026
Assumption only · ends May 2053$309,120
New conventional · ends Dec 2056$412,203