Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,150/mo
+$771/mo- Down payment
- $0
- Funds due
- $8,685
- Interest + MI left
- $364,190
- First ends
- Jul 2054
New loan
New conventional
$1,379/mo
Lowest payment- Down payment
- $18,900
- Funds due
- $25,113
- Interest + MI left
- $257,968
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $293,935 | $170,100 |
| Second mortgage | — | — |
| First P&I | $1,982.31 | $1,177.74 |
| Second P&I | — | — |
| Mortgage insurance | — | $34.02 |
| Taxes, insurance & HOA | $167.42 | $167.42 |
| Total housing payment | $2,149.72 | $1,379.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,685
Usable credit−$0
Total buyer cash needed$8,685
Earnest money paid−$0
Remaining funds due$8,685
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,469.68
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$52.25
Prepaid interest, first (1 days)$55.40
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 8 moOf the original 30-year loan at 6.880%
Interest already paid$47,840Through Nov 2026
Assumption only · ends Jul 2054$364,190
New conventional · ends Dec 2056$257,968