Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,042/mo
+$243/mo- Down payment
- $0
- Funds due
- $11,894
- Interest + MI left
- $421,177
- First ends
- Jan 2053
New loan
New conventional
$2,800/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $46,173
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $409,925 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,646.82 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.50 |
| Taxes, insurance & HOA | $395.50 | $395.50 |
| Total housing payment | $3,042.32 | $2,799.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,894
Usable credit−$0
Total buyer cash needed$11,894
Earnest money paid−$0
Remaining funds due$11,894
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,049.63
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$376.50
Initial HOA (3 months)$360.00
Prepaid interest, first (2 days)$139.71
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 27-year loan at 6.220%
Interest already paid$21,394Through Nov 2026
Assumption only · ends Jan 2053$421,177
New conventional · ends Dec 2056$511,841