Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,418/mo
+$176/mo- Down payment
- $0
- Funds due
- $8,044
- Interest + MI left
- $189,477
- First ends
- Mar 2054
New loan
New conventional
$1,242/mo
Lowest payment- Down payment
- $14,000
- Funds due
- $20,293
- Interest + MI left
- $191,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $162,814 | $126,000 |
| Second mortgage | — | — |
| First P&I | $1,074.06 | $872.40 |
| Second P&I | — | — |
| Mortgage insurance | — | $25.20 |
| Taxes, insurance & HOA | $344.25 | $344.25 |
| Total housing payment | $1,418.31 | $1,241.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,044
Usable credit−$0
Total buyer cash needed$8,044
Earnest money paid−$0
Remaining funds due$8,044
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$814.07
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$582.75
Prepaid interest, first (1 days)$29.48
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 4 moOf the original 30-year loan at 6.610%
Interest already paid$29,183Through Nov 2026
Assumption only · ends Mar 2054$189,477
New conventional · ends Dec 2056$191,087