Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,064/mo
+$363/mo- Down payment
- $0
- Funds due
- $9,672
- Interest + MI left
- $246,152
- First ends
- Jul 2053
New loan
New conventional
$1,701/mo
Lowest payment- Down payment
- $17,990
- Funds due
- $25,491
- Interest + MI left
- $236,739
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $229,834 | $161,910 |
| Second mortgage | — | — |
| First P&I | $1,492.12 | $1,096.83 |
| Second P&I | — | — |
| Mortgage insurance | — | $32.38 |
| Taxes, insurance & HOA | $572.00 | $572.00 |
| Total housing payment | $2,064.12 | $1,701.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,672
Usable credit−$0
Total buyer cash needed$9,672
Earnest money paid−$0
Remaining funds due$9,672
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,149.17
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$216.00
Initial HOA (3 months)$1,050.00
Prepaid interest, first (6 days)$239.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 6.34%
Interest already paid$50,959Through Dec 2026
Assumption only · ends Jul 2053$246,152
New conventional · ends Jan 2057$236,739