Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,727/mo
+$307/mo- Down payment
- $0
- Funds due
- $11,544
- Interest + MI left
- $367,654
- First ends
- Jan 2053
New loan
New conventional
$2,419/mo
Lowest payment- Down payment
- $32,490
- Funds due
- $41,047
- Interest + MI left
- $427,552
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,876 | $292,410 |
| Second mortgage | — | — |
| First P&I | $2,346.74 | $1,980.89 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.48 |
| Taxes, insurance & HOA | $380.00 | $380.00 |
| Total housing payment | $2,726.74 | $2,419.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,544
Usable credit−$0
Total buyer cash needed$11,544
Earnest money paid−$0
Remaining funds due$11,544
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,834.38
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$390.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$552.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 6.11%
Interest already paid$90,331Through Dec 2026
Assumption only · ends Jan 2053$367,654
New conventional · ends Jan 2057$427,552