Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,353/mo
Lowest payment- Down payment
- $6,843
- Funds due
- $20,165
- Interest + MI left
- $403,304
- First ends
- Jun 2053
New loan
New conventional
$3,355/mo
+$2/mo- Down payment
- $37,990
- Funds due
- $48,282
- Interest + MI left
- $518,530
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $373,057 | $341,910 |
| Second mortgage | — | — |
| First P&I | $2,433.73 | $2,367.32 |
| Second P&I | — | — |
| Mortgage insurance | — | $68.38 |
| Taxes, insurance & HOA | $919.75 | $919.75 |
| Total housing payment | $3,353.49 | $3,355.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,843
Closing costs & prepaids$13,322
Usable credit−$0
Total buyer cash needed$20,165
Earnest money paid−$0
Remaining funds due$20,165
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,865.29
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$2,261.50
Initial HOA (3 months)$47.76
Prepaid interest, first (2 days)$130.62
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 7 moOf the original 30-year loan at 6.390%
Interest already paid$83,350Through Nov 2026
Assumption only · ends Jun 2053$403,304
New conventional · ends Dec 2056$518,530