Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,866/mo
+$434/mo- Down payment
- $0
- Funds due
- $10,893
- Interest + MI left
- $469,072
- First ends
- Feb 2054
New loan
New conventional
$2,432/mo
Lowest payment- Down payment
- $31,500
- Funds due
- $39,605
- Interest + MI left
- $429,947
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $333,367 | $283,500 |
| Second mortgage | — | — |
| First P&I | $2,453.94 | $1,962.90 |
| Second P&I | — | — |
| Mortgage insurance | — | $56.70 |
| Taxes, insurance & HOA | $412.50 | $412.50 |
| Total housing payment | $2,866.44 | $2,432.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,893
Usable credit−$0
Total buyer cash needed$10,893
Earnest money paid−$0
Remaining funds due$10,893
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,666.84
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$787.50
Prepaid interest, first (1 days)$70.87
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 yr 3 moOf the original 30-year loan at 7.760%
Interest already paid$72,145Through Nov 2026
Assumption only · ends Feb 2054$469,072
New conventional · ends Dec 2056$429,947