Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,130/mo
+$254/mo- Down payment
- $5,873
- Funds due
- $18,409
- Interest + MI left
- $495,096
- First ends
- Oct 2053
New loan
New conventional
$2,876/mo
Lowest payment- Down payment
- $39,900
- Funds due
- $49,217
- Interest + MI left
- $525,064
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $393,127 | $359,100 |
| Second mortgage | — | — |
| First P&I | $2,758.46 | $2,432.67 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.82 |
| Taxes, insurance & HOA | $371.58 | $371.58 |
| Total housing payment | $3,130.04 | $2,876.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,873
Closing costs & prepaids$12,535
Usable credit−$0
Total buyer cash needed$18,409
Earnest money paid−$0
Remaining funds due$18,409
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,965.63
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$478.75
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$696.97
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 10 moOf the original 30-year loan at 7.19%
Interest already paid$91,163Through Dec 2026
Assumption only · ends Oct 2053$495,096
New conventional · ends Jan 2057$525,064