Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,977/mo
+$1,802/mo- Down payment
- $0
- Funds due
- $7,053
- Interest + MI left
- $166,095
- First ends
- Jul 2050
New loan
New conventional
$174/mo
Lowest payment- Down payment
- $338
- Funds due
- $4,802
- Interest + MI left
- $4,606
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $351,838 | $3,037 |
| Second mortgage | — | — |
| First P&I | $1,823.71 | $21.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $0.61 |
| Taxes, insurance & HOA | $152.83 | $152.83 |
| Total housing payment | $1,976.54 | $174.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,053
Usable credit−$0
Total buyer cash needed$7,053
Earnest money paid−$0
Remaining funds due$7,053
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$33.75
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,759.19
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$8.50
Prepaid interest, first (1 days)$33.74
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 8 moOf the original 30-year loan at 3.500%
Interest already paid$84,309Through Nov 2026
Assumption only · ends Jul 2050$166,095
New conventional · ends Dec 2056$4,606