Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,501/mo
+$611/mo- Down payment
- $0
- Funds due
- $9,847
- Interest + MI left
- $373,947
- First ends
- Dec 2052
New loan
New conventional
$1,890/mo
Lowest payment- Down payment
- $25,080
- Funds due
- $32,250
- Interest + MI left
- $342,320
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $320,562 | $225,720 |
| Second mortgage | — | — |
| First P&I | $2,218.88 | $1,562.84 |
| Second P&I | — | — |
| Mortgage insurance | — | $45.14 |
| Taxes, insurance & HOA | $282.17 | $282.17 |
| Total housing payment | $2,501.04 | $1,890.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,847
Usable credit−$0
Total buyer cash needed$9,847
Earnest money paid−$0
Remaining funds due$9,847
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,508.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,602.81
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$396.50
Prepaid interest, first (2 days)$121.90
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 closing26 yr 1 moOf the original 30-year loan at 6.940%
Interest already paid$89,305Through Nov 2026
Assumption only · ends Dec 2052$373,947
New conventional · ends Dec 2056$342,320