Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,893/mo
Lowest payment- Down payment
- $38,492
- Funds due
- $51,105
- Interest + MI left
- $326,542
- First ends
- Apr 2053
New loan
New conventional
$3,147/mo
+$254/mo- Down payment
- $35,700
- Funds due
- $45,593
- Interest + MI left
- $487,273
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $318,508 | $321,300 |
| Second mortgage | — | — |
| First P&I | $2,034.86 | $2,224.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.26 |
| Taxes, insurance & HOA | $858.33 | $858.33 |
| Total housing payment | $2,893.19 | $3,147.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,492
Closing costs & prepaids$12,613
Usable credit−$0
Total buyer cash needed$51,105
Earnest money paid−$0
Remaining funds due$51,105
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,570.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,592.54
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$991.00
Initial HOA (3 months)$1,134.00
Prepaid interest, first (2 days)$107.33
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 5 moOf the original 30-year loan at 6.150%
Interest already paid$72,001Through Nov 2026
Assumption only · ends Apr 2053$326,542
New conventional · ends Dec 2056$487,273