Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,300/mo
Lowest payment- Down payment
- $21,764
- Funds due
- $34,663
- Interest + MI left
- $484,739
- First ends
- Sep 2053
New loan
New conventional
$3,317/mo
+$17/mo- Down payment
- $44,000
- Funds due
- $53,582
- Interest + MI left
- $600,561
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $418,236 | $396,000 |
| Second mortgage | — | — |
| First P&I | $2,804.27 | $2,741.82 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.20 |
| Taxes, insurance & HOA | $495.58 | $495.58 |
| Total housing payment | $3,299.85 | $3,316.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,764
Closing costs & prepaids$12,900
Usable credit−$0
Total buyer cash needed$34,663
Earnest money paid−$0
Remaining funds due$34,663
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,091.18
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$910.75
Initial HOA (3 months)$126.00
Prepaid interest, first (2 days)$153.77
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$90,662Through Nov 2026
Assumption only · ends Sep 2053$484,739
New conventional · ends Dec 2056$600,561