Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,494/mo
+$100/mo- Down payment
- $15,128
- Funds due
- $26,300
- Interest + MI left
- $353,310
- First ends
- Jan 2053
New loan
New conventional
$2,393/mo
Lowest payment- Down payment
- $31,800
- Funds due
- $40,335
- Interest + MI left
- $418,472
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $302,872 | $286,200 |
| Second mortgage | — | — |
| First P&I | $2,096.43 | $1,938.82 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.24 |
| Taxes, insurance & HOA | $397.17 | $397.17 |
| Total housing payment | $2,493.60 | $2,393.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,128
Closing costs & prepaids$11,172
Usable credit−$0
Total buyer cash needed$26,300
Earnest money paid−$0
Remaining funds due$26,300
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,180.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,514.36
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$381.50
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$518.28
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 6.94%
Interest already paid$84,377Through Dec 2026
Assumption only · ends Jan 2053$353,310
New conventional · ends Jan 2057$418,472