Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,106/mo
+$200/mo- Down payment
- $5,473
- Funds due
- $17,317
- Interest + MI left
- $497,454
- First ends
- Oct 2053
New loan
New conventional
$2,905/mo
Lowest payment- Down payment
- $39,900
- Funds due
- $48,580
- Interest + MI left
- $544,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $393,527 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,758.46 | $2,486.34 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.82 |
| Taxes, insurance & HOA | $347.08 | $347.08 |
| Total housing payment | $3,105.54 | $2,905.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,473
Closing costs & prepaids$11,844
Usable credit−$0
Total buyer cash needed$17,317
Earnest money paid−$0
Remaining funds due$17,317
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,967.64
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$405.25
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$77.52
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 11 moOf the original 30-year loan at 7.190%
Interest already paid$88,805Through Nov 2026
Assumption only · ends Oct 2053$497,454
New conventional · ends Dec 2056$544,599