Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,408/mo
+$168/mo- Down payment
- $0
- Funds due
- $13,158
- Interest + MI left
- $425,061
- First ends
- Aug 2053
New loan
New conventional
$3,239/mo
Lowest payment- Down payment
- $36,990
- Funds due
- $47,032
- Interest + MI left
- $504,880
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $390,267 | $332,910 |
| Second mortgage | — | — |
| First P&I | $2,539.96 | $2,305.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $66.58 |
| Taxes, insurance & HOA | $867.58 | $867.58 |
| Total housing payment | $3,407.55 | $3,239.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$13,158
Usable credit−$0
Total buyer cash needed$13,158
Earnest money paid−$0
Remaining funds due$13,158
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,951.34
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,027.75
Initial HOA (3 months)$1,125.00
Prepaid interest, first (2 days)$136.65
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 9 moOf the original 30-year loan at 6.390%
Interest already paid$82,835Through Nov 2026
Assumption only · ends Aug 2053$425,061
New conventional · ends Dec 2056$504,880