Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,428/mo
Lowest payment- Down payment
- $27,729
- Funds due
- $41,604
- Interest + MI left
- $453,497
- First ends
- Mar 2053
New loan
New conventional
$3,483/mo
+$56/mo- Down payment
- $46,000
- Funds due
- $56,485
- Interest + MI left
- $598,288
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $432,270 | $413,999 |
| Second mortgage | — | — |
| First P&I | $2,811.96 | $2,785.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $82.80 |
| Taxes, insurance & HOA | $615.67 | $615.67 |
| Total housing payment | $3,427.62 | $3,483.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,729
Closing costs & prepaids$13,875
Usable credit−$0
Total buyer cash needed$41,604
Earnest money paid−$0
Remaining funds due$41,604
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,599.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,161.35
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,173.00
Initial HOA (3 months)$174.00
Prepaid interest, first (4 days)$298.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 6.31%
Interest already paid$104,992Through Dec 2026
Assumption only · ends Mar 2053$453,497
New conventional · ends Jan 2057$598,288