Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,420/mo
Lowest payment- Down payment
- $21,404
- Funds due
- $32,459
- Interest + MI left
- $295,409
- First ends
- Apr 2053
New loan
New conventional
$2,543/mo
+$122/mo- Down payment
- $30,300
- Funds due
- $38,858
- Interest + MI left
- $413,568
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $281,596 | $272,700 |
| Second mortgage | — | — |
| First P&I | $1,820.20 | $1,888.12 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.54 |
| Taxes, insurance & HOA | $600.17 | $600.17 |
| Total housing payment | $2,420.37 | $2,542.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,404
Closing costs & prepaids$11,055
Usable credit−$0
Total buyer cash needed$32,459
Earnest money paid−$0
Remaining funds due$32,459
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,030.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,407.98
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,331.75
Initial HOA (3 months)$18.75
Prepaid interest, first (1 days)$48.37
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$64,864Through Nov 2026
Assumption only · ends Apr 2053$295,409
New conventional · ends Dec 2056$413,568