Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,586/mo
+$79/mo- Down payment
- $4,523
- Funds due
- $16,044
- Interest + MI left
- $290,305
- First ends
- Oct 2053
New loan
New conventional
$2,507/mo
Lowest payment- Down payment
- $25,500
- Funds due
- $34,716
- Interest + MI left
- $335,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $250,477 | $229,500 |
| Second mortgage | — | — |
| First P&I | $1,679.45 | $1,554.71 |
| Second P&I | — | — |
| Mortgage insurance | — | $45.90 |
| Taxes, insurance & HOA | $906.75 | $906.75 |
| Total housing payment | $2,586.20 | $2,507.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,523
Closing costs & prepaids$11,521
Usable credit−$0
Total buyer cash needed$16,044
Earnest money paid−$0
Remaining funds due$16,044
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,252.39
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$650.25
Initial HOA (3 months)$1,620.00
Prepaid interest, first (5 days)$230.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6.71%
Interest already paid$54,296Through Dec 2026
Assumption only · ends Oct 2053$290,305
New conventional · ends Jan 2057$335,567