Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,399/mo
+$217/mo- Down payment
- $10,467
- Funds due
- $23,772
- Interest + MI left
- $506,605
- First ends
- Jan 2053
New loan
New conventional
$3,183/mo
Lowest payment- Down payment
- $44,400
- Funds due
- $54,265
- Interest + MI left
- $584,281
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $433,533 | $399,600 |
| Second mortgage | — | — |
| First P&I | $3,003.63 | $2,707.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.92 |
| Taxes, insurance & HOA | $395.58 | $395.58 |
| Total housing payment | $3,399.22 | $3,182.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,467
Closing costs & prepaids$13,305
Usable credit−$0
Total buyer cash needed$23,772
Earnest money paid−$0
Remaining funds due$23,772
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,440.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,167.66
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$532.75
Initial HOA (3 months)$204.00
Prepaid interest, first (9 days)$742.94
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 6.95%
Interest already paid$120,947Through Dec 2026
Assumption only · ends Jan 2053$506,605
New conventional · ends Jan 2057$584,281