Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,713/mo
+$200/mo- Down payment
- $0
- Funds due
- $11,113
- Interest + MI left
- $369,524
- First ends
- Jan 2053
New loan
New conventional
$2,513/mo
Lowest payment- Down payment
- $33,490
- Funds due
- $41,638
- Interest + MI left
- $457,109
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,353 | $301,410 |
| Second mortgage | — | — |
| First P&I | $2,346.74 | $2,086.90 |
| Second P&I | — | — |
| Mortgage insurance | — | $60.28 |
| Taxes, insurance & HOA | $366.00 | $366.00 |
| Total housing payment | $2,712.74 | $2,513.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,113
Usable credit−$0
Total buyer cash needed$11,113
Earnest money paid−$0
Remaining funds due$11,113
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,836.76
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$348.00
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$61.49
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 6.110%
Interest already paid$88,461Through Nov 2026
Assumption only · ends Jan 2053$369,524
New conventional · ends Dec 2056$457,109