Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,058/mo
+$339/mo- Down payment
- $0
- Funds due
- $9,496
- Interest + MI left
- $247,368
- First ends
- Jul 2053
New loan
New conventional
$1,720/mo
Lowest payment- Down payment
- $17,990
- Funds due
- $25,348
- Interest + MI left
- $245,547
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $230,111 | $161,910 |
| Second mortgage | — | — |
| First P&I | $1,492.12 | $1,121.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $32.38 |
| Taxes, insurance & HOA | $566.17 | $566.17 |
| Total housing payment | $2,058.29 | $1,719.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,496
Usable credit−$0
Total buyer cash needed$9,496
Earnest money paid−$0
Remaining funds due$9,496
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%)$1,150.55
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$198.50
Initial HOA (3 months)$1,050.00
Prepaid interest, first (2 days)$79.94
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 8 moOf the original 30-year loan at 6.340%
Interest already paid$49,744Through Nov 2026
Assumption only · ends Jul 2053$247,368
New conventional · ends Dec 2056$245,547