Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,867/mo
+$57/mo- Down payment
- $17,296
- Funds due
- $28,909
- Interest + MI left
- $409,930
- First ends
- Jan 2053
New loan
New conventional
$2,810/mo
Lowest payment- Down payment
- $36,980
- Funds due
- $45,668
- Interest + MI left
- $504,744
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $352,504 | $332,820 |
| Second mortgage | — | — |
| First P&I | $2,428.13 | $2,304.38 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.56 |
| Taxes, insurance & HOA | $439.25 | $439.25 |
| Total housing payment | $2,867.38 | $2,810.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,296
Closing costs & prepaids$11,613
Usable credit−$0
Total buyer cash needed$28,909
Earnest money paid−$0
Remaining funds due$28,909
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,698.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,762.52
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$294.75
Initial HOA (3 months)$573.00
Prepaid interest, first (1 days)$66.64
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 2 moOf the original 30-year loan at 6.900%
Interest already paid$95,517Through Nov 2026
Assumption only · ends Jan 2053$409,930
New conventional · ends Dec 2056$504,744