Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,000/mo
+$1,296/mo- Down payment
- $0
- Funds due
- $7,988
- Interest + MI left
- $180,290
- First ends
- Jul 2051
New loan
New conventional
$704/mo
Lowest payment- Down payment
- $8,500
- Funds due
- $13,748
- Interest + MI left
- $116,017
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,671 | $76,500 |
| Second mortgage | — | — |
| First P&I | $1,841.08 | $529.67 |
| Second P&I | — | — |
| Mortgage insurance | — | $15.30 |
| Taxes, insurance & HOA | $158.92 | $158.92 |
| Total housing payment | $2,000.00 | $703.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,988
Usable credit−$0
Total buyer cash needed$7,988
Earnest money paid−$0
Remaining funds due$7,988
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,823.35
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$26.75
Prepaid interest, first (2 days)$69.94
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 closing24 yr 8 moOf the original 30-year loan at 3.500%
Interest already paid$72,500Through Nov 2026
Assumption only · ends Jul 2051$180,290
New conventional · ends Dec 2056$116,017