Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,146/mo
+$516/mo- Down payment
- $0
- Funds due
- $12,236
- Interest + MI left
- $400,638
- First ends
- Feb 2053
New loan
New conventional
$2,629/mo
Lowest payment- Down payment
- $30,500
- Funds due
- $39,743
- Interest + MI left
- $401,364
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,680 | $274,500 |
| Second mortgage | — | — |
| First P&I | $2,430.95 | $1,859.56 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.90 |
| Taxes, insurance & HOA | $715.00 | $715.00 |
| Total housing payment | $3,145.95 | $2,629.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,236
Usable credit−$0
Total buyer cash needed$12,236
Earnest money paid−$0
Remaining funds due$12,236
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,813.40
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$366.00
Initial HOA (3 months)$1,329.00
Prepaid interest, first (7 days)$459.76
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 2 moOf the original 30-year loan at 6.61%
Interest already paid$94,264Through Dec 2026
Assumption only · ends Feb 2053$400,638
New conventional · ends Jan 2057$401,364