Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,228/mo
+$441/mo- Down payment
- $0
- Funds due
- $12,320
- Interest + MI left
- $490,580
- First ends
- Jan 2053
New loan
New conventional
$2,787/mo
Lowest payment- Down payment
- $39,500
- Funds due
- $48,444
- Interest + MI left
- $519,800
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $423,470 | $355,500 |
| Second mortgage | — | — |
| First P&I | $2,920.29 | $2,408.28 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.10 |
| Taxes, insurance & HOA | $308.00 | $308.00 |
| Total housing payment | $3,228.29 | $2,787.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,320
Usable credit−$0
Total buyer cash needed$12,320
Earnest money paid−$0
Remaining funds due$12,320
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,117.35
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$474.00
Prepaid interest, first (7 days)$560.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$117,315Through Dec 2026
Assumption only · ends Jan 2053$490,580
New conventional · ends Jan 2057$519,800