Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,917/mo
+$107/mo- Down payment
- $17,697
- Funds due
- $29,990
- Interest + MI left
- $407,903
- First ends
- Jan 2053
New loan
New conventional
$2,810/mo
Lowest payment- Down payment
- $36,980
- Funds due
- $46,339
- Interest + MI left
- $486,638
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $352,103 | $332,820 |
| Second mortgage | — | — |
| First P&I | $2,428.13 | $2,254.64 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.56 |
| Taxes, insurance & HOA | $488.92 | $488.92 |
| Total housing payment | $2,917.05 | $2,810.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,697
Closing costs & prepaids$12,292
Usable credit−$0
Total buyer cash needed$29,990
Earnest money paid−$0
Remaining funds due$29,990
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,698.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,760.51
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$443.75
Initial HOA (3 months)$573.00
Prepaid interest, first (9 days)$599.06
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$97,544Through Dec 2026
Assumption only · ends Jan 2053$407,903
New conventional · ends Jan 2057$486,638