Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,509/mo
+$1,340/mo- Down payment
- $0
- Funds due
- $6,635
- Interest + MI left
- $114,073
- First ends
- Aug 2050
New loan
New conventional
$168/mo
Lowest payment- Down payment
- $250
- Funds due
- $4,704
- Interest + MI left
- $3,412
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $272,535 | $2,250 |
| Second mortgage | — | — |
| First P&I | $1,356.52 | $15.58 |
| Second P&I | — | — |
| Mortgage insurance | — | $0.45 |
| Taxes, insurance & HOA | $152.08 | $152.08 |
| Total housing payment | $1,508.60 | $168.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$6,635
Usable credit−$0
Total buyer cash needed$6,635
Earnest money paid−$0
Remaining funds due$6,635
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$25.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,362.67
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$6.25
Prepaid interest, first (1 days)$23.37
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 closing23 yr 9 moOf the original 29-year loan at 3.130%
Interest already paid$47,996Through Nov 2026
Assumption only · ends Aug 2050$114,073
New conventional · ends Dec 2056$3,412