Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,780/mo
+$909/mo- Down payment
- $0
- Funds due
- $10,312
- Interest + MI left
- $356,241
- First ends
- Aug 2053
New loan
New conventional
$1,871/mo
Lowest payment- Down payment
- $18,500
- Funds due
- $26,229
- Interest + MI left
- $252,508
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $316,402 | $166,500 |
| Second mortgage | — | — |
| First P&I | $2,095.46 | $1,152.81 |
| Second P&I | — | — |
| Mortgage insurance | — | $33.30 |
| Taxes, insurance & HOA | $685.00 | $685.00 |
| Total housing payment | $2,780.47 | $1,871.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,312
Usable credit−$0
Total buyer cash needed$10,312
Earnest money paid−$0
Remaining funds due$10,312
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,582.01
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,552.00
Initial HOA (3 months)$53.01
Prepaid interest, first (1 days)$56.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 6.570%
Interest already paid$69,001Through Nov 2026
Assumption only · ends Aug 2053$356,241
New conventional · ends Dec 2056$252,508