Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,386/mo
+$170/mo- Down payment
- $15,647
- Funds due
- $29,002
- Interest + MI left
- $502,030
- First ends
- Jan 2053
New loan
New conventional
$3,216/mo
Lowest payment- Down payment
- $44,900
- Funds due
- $54,824
- Interest + MI left
- $590,861
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $433,353 | $404,100 |
| Second mortgage | — | — |
| First P&I | $2,988.44 | $2,737.51 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.82 |
| Taxes, insurance & HOA | $397.58 | $397.58 |
| Total housing payment | $3,386.03 | $3,215.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,647
Closing costs & prepaids$13,355
Usable credit−$0
Total buyer cash needed$29,002
Earnest money paid−$0
Remaining funds due$29,002
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,166.77
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$538.75
Initial HOA (3 months)$204.00
Prepaid interest, first (9 days)$737.29
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 6.9%
Interest already paid$120,053Through Dec 2026
Assumption only · ends Jan 2053$502,030
New conventional · ends Jan 2057$590,861