Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,386/mo
Lowest payment- Down payment
- $29,326
- Funds due
- $40,568
- Interest + MI left
- $267,012
- First ends
- Mar 2053
New loan
New conventional
$2,485/mo
+$99/mo- Down payment
- $27,500
- Funds due
- $36,470
- Interest + MI left
- $361,886
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $245,674 | $247,500 |
| Second mortgage | — | — |
| First P&I | $1,627.58 | $1,676.65 |
| Second P&I | — | — |
| Mortgage insurance | — | $49.50 |
| Taxes, insurance & HOA | $758.75 | $758.75 |
| Total housing payment | $2,386.33 | $2,484.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,326
Closing costs & prepaids$11,241
Usable credit−$0
Total buyer cash needed$40,568
Earnest money paid−$0
Remaining funds due$40,568
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,228.37
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$701.25
Initial HOA (3 months)$1,125.00
Prepaid interest, first (5 days)$218.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3 moOf the original 30-year loan at 6.5%
Interest already paid$61,415Through Dec 2026
Assumption only · ends Mar 2053$267,012
New conventional · ends Jan 2057$361,886