Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,468/mo
+$2,082/mo- Down payment
- $0
- Funds due
- $7,569
- Interest + MI left
- $348,279
- First ends
- Jan 2053
New loan
New conventional
$386/mo
Lowest payment- Down payment
- $230
- Funds due
- $5,339
- Interest + MI left
- $3,139
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $310,227 | $2,070 |
| Second mortgage | — | — |
| First P&I | $2,097.15 | $14.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $0.41 |
| Taxes, insurance & HOA | $370.92 | $370.92 |
| Total housing payment | $2,468.07 | $385.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,569
Usable credit−$0
Total buyer cash needed$7,569
Earnest money paid−$0
Remaining funds due$7,569
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$23.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,551.13
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$5.75
Initial HOA (3 months)$657.00
Prepaid interest, first (2 days)$113.89
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 2 moOf the original 30-year loan at 6.700%
Interest already paid$81,696Through Nov 2026
Assumption only · ends Jan 2053$348,279
New conventional · ends Dec 2056$3,139