Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,278/mo
+$48/mo- Down payment
- $6,573
- Funds due
- $19,673
- Interest + MI left
- $385,987
- First ends
- Sep 2053
New loan
New conventional
$3,230/mo
Lowest payment- Down payment
- $34,200
- Funds due
- $44,490
- Interest + MI left
- $466,799
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $335,427 | $307,800 |
| Second mortgage | — | — |
| First P&I | $2,240.42 | $2,131.15 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.56 |
| Taxes, insurance & HOA | $1,037.33 | $1,037.33 |
| Total housing payment | $3,277.75 | $3,230.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,573
Closing costs & prepaids$13,100
Usable credit−$0
Total buyer cash needed$19,673
Earnest money paid−$0
Remaining funds due$19,673
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,420.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,677.14
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$2,461.00
Initial HOA (3 months)$201.00
Prepaid interest, first (2 days)$122.59
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 10 moOf the original 30-year loan at 6.670%
Interest already paid$72,288Through Nov 2026
Assumption only · ends Sep 2053$385,987
New conventional · ends Dec 2056$466,799