Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,998/mo
+$1,771/mo- Down payment
- $0
- Funds due
- $7,241
- Interest + MI left
- $180,290
- First ends
- Jul 2051
New loan
New conventional
$227/mo
Lowest payment- Down payment
- $1,100
- Funds due
- $5,648
- Interest + MI left
- $15,014
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,671 | $9,900 |
| Second mortgage | — | — |
| First P&I | $1,841.08 | $68.55 |
| Second P&I | — | — |
| Mortgage insurance | — | $1.98 |
| Taxes, insurance & HOA | $156.67 | $156.67 |
| Total housing payment | $1,997.75 | $227.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,241
Usable credit−$0
Total buyer cash needed$7,241
Earnest money paid−$0
Remaining funds due$7,241
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$110.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,823.35
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$20.00
Prepaid interest, first (2 days)$69.94
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing24 yr 8 moOf the original 30-year loan at 3.500%
Interest already paid$72,500Through Nov 2026
Assumption only · ends Jul 2051$180,290
New conventional · ends Dec 2056$15,014