Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,424/mo
Lowest payment- Down payment
- $32,173
- Funds due
- $45,950
- Interest + MI left
- $466,163
- First ends
- Jul 2053
New loan
New conventional
$3,596/mo
+$172/mo- Down payment
- $46,500
- Funds due
- $56,874
- Interest + MI left
- $634,683
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $432,827 | $418,500 |
| Second mortgage | — | — |
| First P&I | $2,809.34 | $2,897.61 |
| Second P&I | — | — |
| Mortgage insurance | — | $83.70 |
| Taxes, insurance & HOA | $614.92 | $614.92 |
| Total housing payment | $3,424.26 | $3,596.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,173
Closing costs & prepaids$13,777
Usable credit−$0
Total buyer cash needed$45,950
Earnest money paid−$0
Remaining funds due$45,950
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,164.14
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,119.75
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$150.60
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 6.350%
Interest already paid$93,709Through Nov 2026
Assumption only · ends Jul 2053$466,163
New conventional · ends Dec 2056$634,683