Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,924/mo
+$1,187/mo- Down payment
- $0
- Funds due
- $10,051
- Interest + MI left
- $425,146
- First ends
- Feb 2053
New loan
New conventional
$1,737/mo
Lowest payment- Down payment
- $21,900
- Funds due
- $28,923
- Interest + MI left
- $298,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $391,170 | $197,100 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $1,364.68 |
| Second P&I | — | — |
| Mortgage insurance | — | $39.42 |
| Taxes, insurance & HOA | $332.50 | $332.50 |
| Total housing payment | $2,923.98 | $1,736.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,051
Usable credit−$0
Total buyer cash needed$10,051
Earnest money paid−$0
Remaining funds due$10,051
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,955.85
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$547.50
Prepaid interest, first (2 days)$139.32
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 3 moOf the original 30-year loan at 6.500%
Interest already paid$97,786Through Nov 2026
Assumption only · ends Feb 2053$425,146
New conventional · ends Dec 2056$298,915