Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,171/mo
+$463/mo- Down payment
- $0
- Funds due
- $11,784
- Interest + MI left
- $479,796
- First ends
- Oct 2053
New loan
New conventional
$2,708/mo
Lowest payment- Down payment
- $35,000
- Funds due
- $43,644
- Interest + MI left
- $477,719
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $394,713 | $315,000 |
| Second mortgage | — | — |
| First P&I | $2,707.46 | $2,181.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.00 |
| Taxes, insurance & HOA | $463.83 | $463.83 |
| Total housing payment | $3,171.29 | $2,707.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,784
Usable credit−$0
Total buyer cash needed$11,784
Earnest money paid−$0
Remaining funds due$11,784
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,973.56
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$941.50
Prepaid interest, first (2 days)$150.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 6.960%
Interest already paid$86,289Through Nov 2026
Assumption only · ends Oct 2053$479,796
New conventional · ends Dec 2056$477,719