Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,928/mo
+$118/mo- Down payment
- $0
- Funds due
- $9,278
- Interest + MI left
- $300,773
- First ends
- Feb 2054
New loan
New conventional
$1,810/mo
Lowest payment- Down payment
- $23,990
- Funds due
- $31,026
- Interest + MI left
- $327,442
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $240,884 | $215,910 |
| Second mortgage | — | — |
| First P&I | $1,656.44 | $1,494.92 |
| Second P&I | — | — |
| Mortgage insurance | — | $43.18 |
| Taxes, insurance & HOA | $271.42 | $271.42 |
| Total housing payment | $1,927.86 | $1,809.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,278
Usable credit−$0
Total buyer cash needed$9,278
Earnest money paid−$0
Remaining funds due$9,278
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,204.42
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$364.25
Prepaid interest, first (2 days)$92.79
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 closing27 yr 3 moOf the original 30-year loan at 7.030%
Interest already paid$47,323Through Nov 2026
Assumption only · ends Feb 2054$300,773
New conventional · ends Dec 2056$327,442