Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,789/mo
+$128/mo- Down payment
- $550
- Funds due
- $11,850
- Interest + MI left
- $443,404
- First ends
- Oct 2053
New loan
New conventional
$2,661/mo
Lowest payment- Down payment
- $37,500
- Funds due
- $45,757
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $374,450 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,532.05 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.50 |
| Taxes, insurance & HOA | $256.67 | $256.67 |
| Total housing payment | $2,788.72 | $2,660.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$550
Closing costs & prepaids$11,300
Usable credit−$0
Total buyer cash needed$11,850
Earnest money paid−$0
Remaining funds due$11,850
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,872.25
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$320.00
Prepaid interest, first (2 days)$139.73
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 11 moOf the original 30-year loan at 6.810%
Interest already paid$80,136Through Nov 2026
Assumption only · ends Oct 2053$443,404
New conventional · ends Dec 2056$511,841