Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,439/mo
+$157/mo- Down payment
- $9,977
- Funds due
- $22,825
- Interest + MI left
- $509,119
- First ends
- Jan 2053
New loan
New conventional
$3,282/mo
Lowest payment- Down payment
- $44,400
- Funds due
- $53,838
- Interest + MI left
- $606,020
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $434,023 | $399,600 |
| Second mortgage | — | — |
| First P&I | $3,003.63 | $2,766.75 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.92 |
| Taxes, insurance & HOA | $434.92 | $434.92 |
| Total housing payment | $3,438.55 | $3,281.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,977
Closing costs & prepaids$12,848
Usable credit−$0
Total buyer cash needed$22,825
Earnest money paid−$0
Remaining funds due$22,825
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,440.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,170.11
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$650.75
Initial HOA (3 months)$204.00
Prepaid interest, first (2 days)$165.29
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 6.950%
Interest already paid$118,433Through Nov 2026
Assumption only · ends Jan 2053$509,119
New conventional · ends Dec 2056$606,020