Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,885/mo
+$1,720/mo- Down payment
- $0
- Funds due
- $6,603
- Interest + MI left
- $325,088
- First ends
- Aug 2054
New loan
New conventional
$165/mo
Lowest payment- Down payment
- $210
- Funds due
- $4,660
- Interest + MI left
- $2,866
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $252,120 | $1,890 |
| Second mortgage | — | — |
| First P&I | $1,733.36 | $13.09 |
| Second P&I | — | — |
| Mortgage insurance | — | $0.38 |
| Taxes, insurance & HOA | $151.75 | $151.75 |
| Total housing payment | $1,885.11 | $165.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$6,603
Usable credit−$0
Total buyer cash needed$6,603
Earnest money paid−$0
Remaining funds due$6,603
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$21.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,260.60
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$5.25
Prepaid interest, first (2 days)$97.95
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 9 moOf the original 30-year loan at 7.090%
Interest already paid$40,734Through Nov 2026
Assumption only · ends Aug 2054$325,088
New conventional · ends Dec 2056$2,866