Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,349/mo
+$74/mo- Down payment
- $8,369
- Funds due
- $19,295
- Interest + MI left
- $301,624
- First ends
- Jan 2053
New loan
New conventional
$2,276/mo
Lowest payment- Down payment
- $28,000
- Funds due
- $36,495
- Interest + MI left
- $368,466
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $271,631 | $252,000 |
| Second mortgage | — | — |
| First P&I | $1,831.49 | $1,707.14 |
| Second P&I | — | — |
| Mortgage insurance | — | $50.40 |
| Taxes, insurance & HOA | $518.00 | $518.00 |
| Total housing payment | $2,349.49 | $2,275.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$8,369
Closing costs & prepaids$10,926
Usable credit−$0
Total buyer cash needed$19,295
Earnest money paid−$0
Remaining funds due$19,295
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,358.16
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$336.00
Initial HOA (3 months)$768.00
Prepaid interest, first (9 days)$446.07
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 6.66%
Interest already paid$72,711Through Dec 2026
Assumption only · ends Jan 2053$301,624
New conventional · ends Jan 2057$368,466