Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,296/mo
+$36/mo- Down payment
- $8,047
- Funds due
- $18,467
- Interest + MI left
- $303,133
- First ends
- Jan 2053
New loan
New conventional
$2,260/mo
Lowest payment- Down payment
- $28,000
- Funds due
- $35,991
- Interest + MI left
- $382,175
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $271,953 | $252,000 |
| Second mortgage | — | — |
| First P&I | $1,831.49 | $1,744.80 |
| Second P&I | — | — |
| Mortgage insurance | — | $50.40 |
| Taxes, insurance & HOA | $464.58 | $464.58 |
| Total housing payment | $2,296.07 | $2,259.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,047
Closing costs & prepaids$10,421
Usable credit−$0
Total buyer cash needed$18,467
Earnest money paid−$0
Remaining funds due$18,467
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,359.77
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$175.75
Initial HOA (3 months)$768.00
Prepaid interest, first (2 days)$99.24
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 2 moOf the original 30-year loan at 6.660%
Interest already paid$71,202Through Nov 2026
Assumption only · ends Jan 2053$303,133
New conventional · ends Dec 2056$382,175