Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,915/mo
Lowest payment- Down payment
- $24,147
- Funds due
- $36,368
- Interest + MI left
- $384,653
- First ends
- Mar 2053
New loan
New conventional
$3,027/mo
+$112/mo- Down payment
- $38,600
- Funds due
- $47,848
- Interest + MI left
- $526,855
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $361,853 | $347,400 |
| Second mortgage | — | — |
| First P&I | $2,362.36 | $2,405.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.48 |
| Taxes, insurance & HOA | $552.67 | $552.67 |
| Total housing payment | $2,915.03 | $3,027.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,147
Closing costs & prepaids$12,221
Usable credit−$0
Total buyer cash needed$36,368
Earnest money paid−$0
Remaining funds due$36,368
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,860.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,809.27
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,037.00
Initial HOA (3 months)$171.00
Prepaid interest, first (2 days)$126.10
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 4 moOf the original 30-year loan at 6.360%
Interest already paid$86,538Through Nov 2026
Assumption only · ends Mar 2053$384,653
New conventional · ends Dec 2056$526,855