Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,499/mo
+$74/mo- Down payment
- $8,883
- Funds due
- $19,617
- Interest + MI left
- $365,439
- First ends
- Feb 2053
New loan
New conventional
$2,425/mo
Lowest payment- Down payment
- $32,690
- Funds due
- $40,715
- Interest + MI left
- $446,189
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $318,017 | $294,210 |
| Second mortgage | — | — |
| First P&I | $2,169.70 | $2,037.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.84 |
| Taxes, insurance & HOA | $329.42 | $329.42 |
| Total housing payment | $2,499.12 | $2,425.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,883
Closing costs & prepaids$10,734
Usable credit−$0
Total buyer cash needed$19,617
Earnest money paid−$0
Remaining funds due$19,617
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,269.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,590.09
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$338.25
Initial HOA (3 months)$200.01
Prepaid interest, first (2 days)$118.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.810%
Interest already paid$83,179Through Nov 2026
Assumption only · ends Feb 2053$365,439
New conventional · ends Dec 2056$446,189