Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,611/mo
Lowest payment- Down payment
- $34,890
- Funds due
- $46,406
- Interest + MI left
- $356,794
- First ends
- Apr 2053
New loan
New conventional
$2,817/mo
+$206/mo- Down payment
- $37,500
- Funds due
- $46,157
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $340,110 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,198.44 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.50 |
| Taxes, insurance & HOA | $413.00 | $413.00 |
| Total housing payment | $2,611.44 | $2,817.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,890
Closing costs & prepaids$11,516
Usable credit−$0
Total buyer cash needed$46,406
Earnest money paid−$0
Remaining funds due$46,406
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,700.55
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$489.00
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$58.42
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$78,343Through Nov 2026
Assumption only · ends Apr 2053$356,794
New conventional · ends Dec 2056$511,841