Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,799/mo
+$273/mo- Down payment
- $0
- Funds due
- $8,722
- Interest + MI left
- $265,467
- First ends
- Nov 2053
New loan
New conventional
$1,527/mo
Lowest payment- Down payment
- $19,000
- Funds due
- $25,645
- Interest + MI left
- $259,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $217,582 | $171,000 |
| Second mortgage | — | — |
| First P&I | $1,490.89 | $1,183.97 |
| Second P&I | — | — |
| Mortgage insurance | — | $34.20 |
| Taxes, insurance & HOA | $308.33 | $308.33 |
| Total housing payment | $1,799.22 | $1,526.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,722
Usable credit−$0
Total buyer cash needed$8,722
Earnest money paid−$0
Remaining funds due$8,722
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,087.91
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$475.00
Prepaid interest, first (1 days)$41.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 yrOf the original 30-year loan at 6.960%
Interest already paid$46,254Through Nov 2026
Assumption only · ends Nov 2053$265,467
New conventional · ends Dec 2056$259,333