Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,884/mo
+$324/mo- Down payment
- $0
- Funds due
- $8,928
- Interest + MI left
- $319,701
- First ends
- Dec 2055
New loan
New conventional
$1,560/mo
Lowest payment- Down payment
- $21,500
- Funds due
- $28,033
- Interest + MI left
- $293,456
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $274,332 | $193,500 |
| Second mortgage | — | — |
| First P&I | $1,702.10 | $1,339.75 |
| Second P&I | — | — |
| Mortgage insurance | — | $38.70 |
| Taxes, insurance & HOA | $181.58 | $181.58 |
| Total housing payment | $1,883.68 | $1,560.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,928
Usable credit−$0
Total buyer cash needed$8,928
Earnest money paid−$0
Remaining funds due$8,928
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,371.66
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$94.75
Prepaid interest, first (2 days)$93.50
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 closing29 yr 1 moOf the original 30-year loan at 6.220%
Interest already paid$15,735Through Nov 2026
Assumption only · ends Dec 2055$319,701
New conventional · ends Dec 2056$293,456