Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,293/mo
+$105/mo- Down payment
- $6,615
- Funds due
- $16,755
- Interest + MI left
- $343,436
- First ends
- Jan 2053
New loan
New conventional
$2,188/mo
Lowest payment- Down payment
- $29,990
- Funds due
- $37,569
- Interest + MI left
- $409,337
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $293,285 | $269,910 |
| Second mortgage | — | — |
| First P&I | $2,027.78 | $1,868.80 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.98 |
| Taxes, insurance & HOA | $265.08 | $265.08 |
| Total housing payment | $2,292.86 | $2,187.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,615
Closing costs & prepaids$10,140
Usable credit−$0
Total buyer cash needed$16,755
Earnest money paid−$0
Remaining funds due$16,755
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,466.43
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$213.25
Initial HOA (3 months)$132.00
Prepaid interest, first (2 days)$111.53
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 6.940%
Interest already paid$79,918Through Nov 2026
Assumption only · ends Jan 2053$343,436
New conventional · ends Dec 2056$409,337