Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,510/mo
+$143/mo- Down payment
- $0
- Funds due
- $10,786
- Interest + MI left
- $365,931
- First ends
- Jun 2054
New loan
New conventional
$2,366/mo
Lowest payment- Down payment
- $29,000
- Funds due
- $37,212
- Interest + MI left
- $395,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $296,934 | $261,000 |
| Second mortgage | — | — |
| First P&I | $2,002.61 | $1,807.11 |
| Second P&I | — | — |
| Mortgage insurance | — | $52.20 |
| Taxes, insurance & HOA | $507.17 | $507.17 |
| Total housing payment | $2,509.78 | $2,366.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,786
Usable credit−$0
Total buyer cash needed$10,786
Earnest money paid−$0
Remaining funds due$10,786
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,484.67
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,071.50
Prepaid interest, first (2 days)$111.78
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 7 moOf the original 30-year loan at 6.870%
Interest already paid$50,010Through Nov 2026
Assumption only · ends Jun 2054$365,931
New conventional · ends Dec 2056$395,824