Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,965/mo
Lowest payment- Down payment
- $28,429
- Funds due
- $40,685
- Interest + MI left
- $432,995
- First ends
- Jul 2053
New loan
New conventional
$3,096/mo
+$131/mo- Down payment
- $42,450
- Funds due
- $51,523
- Interest + MI left
- $579,405
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $396,071 | $382,050 |
| Second mortgage | — | — |
| First P&I | $2,590.83 | $2,645.24 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.41 |
| Taxes, insurance & HOA | $374.33 | $374.33 |
| Total housing payment | $2,965.16 | $3,095.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,429
Closing costs & prepaids$12,256
Usable credit−$0
Total buyer cash needed$40,685
Earnest money paid−$0
Remaining funds due$40,685
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,245.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,980.35
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$566.50
Initial HOA (3 months)$106.50
Prepaid interest, first (2 days)$139.55
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 8 moOf the original 30-year loan at 6.430%
Interest already paid$86,804Through Nov 2026
Assumption only · ends Jul 2053$432,995
New conventional · ends Dec 2056$579,405