Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,633/mo
Lowest payment- Down payment
- $22,416
- Funds due
- $33,904
- Interest + MI left
- $348,219
- First ends
- May 2053
New loan
New conventional
$2,752/mo
+$119/mo- Down payment
- $35,000
- Funds due
- $43,714
- Interest + MI left
- $477,717
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $327,583 | $314,999 |
| Second mortgage | — | — |
| First P&I | $2,125.16 | $2,180.99 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $508.25 | $508.25 |
| Total housing payment | $2,633.42 | $2,752.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,416
Closing costs & prepaids$11,487
Usable credit−$0
Total buyer cash needed$33,904
Earnest money paid−$0
Remaining funds due$33,904
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,637.91
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$934.75
Initial HOA (3 months)$140.01
Prepaid interest, first (1 days)$56.72
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 6 moOf the original 30-year loan at 6.320%
Interest already paid$74,224Through Nov 2026
Assumption only · ends May 2053$348,219
New conventional · ends Dec 2056$477,717