Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,408/mo
Lowest payment- Down payment
- $33,765
- Funds due
- $44,716
- Interest + MI left
- $320,729
- First ends
- Feb 2053
New loan
New conventional
$2,565/mo
+$157/mo- Down payment
- $32,995
- Funds due
- $41,350
- Interest + MI left
- $450,352
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $296,185 | $296,955 |
| Second mortgage | — | — |
| First P&I | $1,958.46 | $2,056.06 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.39 |
| Taxes, insurance & HOA | $450.00 | $450.00 |
| Total housing payment | $2,408.46 | $2,565.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,765
Closing costs & prepaids$10,951
Usable credit−$0
Total buyer cash needed$44,716
Earnest money paid−$0
Remaining funds due$44,716
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,480.92
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$825.00
Initial HOA (3 months)$75.00
Prepaid interest, first (1 days)$52.58
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 3 moOf the original 30-year loan at 6.480%
Interest already paid$73,820Through Nov 2026
Assumption only · ends Feb 2053$320,729
New conventional · ends Dec 2056$450,352