Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,593/mo
Lowest payment- Down payment
- $24,884
- Funds due
- $34,071
- Interest + MI left
- $211,925
- First ends
- Mar 2053
New loan
New conventional
$1,697/mo
+$104/mo- Down payment
- $22,500
- Funds due
- $29,714
- Interest + MI left
- $296,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $200,116 | $202,500 |
| Second mortgage | — | — |
| First P&I | $1,308.07 | $1,371.81 |
| Second P&I | — | — |
| Mortgage insurance | — | $40.50 |
| Taxes, insurance & HOA | $285.00 | $285.00 |
| Total housing payment | $1,593.07 | $1,697.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,884
Closing costs & prepaids$9,187
Usable credit−$0
Total buyer cash needed$34,071
Earnest money paid−$0
Remaining funds due$34,071
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,000.58
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$270.00
Initial HOA (3 months)$135.00
Prepaid interest, first (9 days)$313.83
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 3 moOf the original 30-year loan at 6.36%
Interest already paid$48,979Through Dec 2026
Assumption only · ends Mar 2053$211,925
New conventional · ends Jan 2057$296,088