Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,507/mo
+$58/mo- Down payment
- $14,785
- Funds due
- $25,539
- Interest + MI left
- $355,064
- First ends
- Jan 2053
New loan
New conventional
$2,449/mo
Lowest payment- Down payment
- $31,800
- Funds due
- $39,927
- Interest + MI left
- $434,042
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $303,215 | $286,200 |
| Second mortgage | — | — |
| First P&I | $2,096.43 | $1,981.59 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.24 |
| Taxes, insurance & HOA | $410.67 | $410.67 |
| Total housing payment | $2,507.10 | $2,449.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,785
Closing costs & prepaids$10,754
Usable credit−$0
Total buyer cash needed$25,539
Earnest money paid−$0
Remaining funds due$25,539
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,180.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,516.07
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$422.00
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$57.65
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 6.940%
Interest already paid$82,624Through Nov 2026
Assumption only · ends Jan 2053$355,064
New conventional · ends Dec 2056$434,042