Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,938/mo
+$959/mo- Down payment
- $0
- Funds due
- $8,046
- Interest + MI left
- $82,989
- First ends
- Aug 2044
New loan
New conventional
$979/mo
Lowest payment- Down payment
- $12,000
- Funds due
- $17,706
- Interest + MI left
- $163,789
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $285,197 | $108,000 |
| Second mortgage | — | — |
| First P&I | $1,728.58 | $747.77 |
| Second P&I | — | — |
| Mortgage insurance | — | $21.60 |
| Taxes, insurance & HOA | $209.67 | $209.67 |
| Total housing payment | $1,938.24 | $979.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,046
Usable credit−$0
Total buyer cash needed$8,046
Earnest money paid−$0
Remaining funds due$8,046
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,425.99
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$179.00
Prepaid interest, first (1 days)$23.44
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 closing17 yr 9 moOf the original 30-year loan at 3.000%
Interest already paid$129,298Through Nov 2026
Assumption only · ends Aug 2044$82,989
New conventional · ends Dec 2056$163,789