Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,427/mo
Lowest payment- Down payment
- $40,964
- Funds due
- $52,122
- Interest + MI left
- $328,563
- First ends
- Aug 2053
New loan
New conventional
$2,667/mo
+$241/mo- Down payment
- $34,490
- Funds due
- $43,001
- Interest + MI left
- $470,758
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $303,936 | $310,410 |
| Second mortgage | — | — |
| First P&I | $1,970.40 | $2,149.22 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.08 |
| Taxes, insurance & HOA | $456.17 | $456.17 |
| Total housing payment | $2,426.57 | $2,667.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,964
Closing costs & prepaids$11,158
Usable credit−$0
Total buyer cash needed$52,122
Earnest money paid−$0
Remaining funds due$52,122
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,449.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,519.68
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$862.25
Initial HOA (3 months)$56.25
Prepaid interest, first (1 days)$52.88
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 9 moOf the original 30-year loan at 6.350%
Interest already paid$64,117Through Nov 2026
Assumption only · ends Aug 2053$328,563
New conventional · ends Dec 2056$470,758