Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,393/mo
+$305/mo- Down payment
- $0
- Funds due
- $10,111
- Interest + MI left
- $426,447
- First ends
- Oct 2055
New loan
New conventional
$2,088/mo
Lowest payment- Down payment
- $29,500
- Funds due
- $36,828
- Interest + MI left
- $402,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $335,744 | $265,500 |
| Second mortgage | — | — |
| First P&I | $2,196.52 | $1,838.27 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.10 |
| Taxes, insurance & HOA | $196.92 | $196.92 |
| Total housing payment | $2,393.43 | $2,088.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,111
Usable credit−$0
Total buyer cash needed$10,111
Earnest money paid−$0
Remaining funds due$10,111
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,678.72
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$140.75
Prepaid interest, first (2 days)$123.63
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 closing28 yr 11 moOf the original 30-year loan at 6.720%
Interest already paid$24,599Through Nov 2026
Assumption only · ends Oct 2055$426,447
New conventional · ends Dec 2056$402,649