Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,771/mo
Lowest payment- Down payment
- $39,689
- Funds due
- $51,518
- Interest + MI left
- $411,309
- First ends
- Aug 2053
New loan
New conventional
$2,948/mo
+$177/mo- Down payment
- $40,500
- Funds due
- $49,322
- Interest + MI left
- $552,789
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $365,311 | $364,500 |
| Second mortgage | — | — |
| First P&I | $2,419.38 | $2,523.72 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.90 |
| Taxes, insurance & HOA | $351.25 | $351.25 |
| Total housing payment | $2,770.63 | $2,947.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,689
Closing costs & prepaids$11,830
Usable credit−$0
Total buyer cash needed$51,518
Earnest money paid−$0
Remaining funds due$51,518
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,826.56
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$603.75
Prepaid interest, first (2 days)$131.51
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 9 moOf the original 30-year loan at 6.570%
Interest already paid$79,667Through Nov 2026
Assumption only · ends Aug 2053$411,309
New conventional · ends Dec 2056$552,789