Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,194/mo
+$380/mo- Down payment
- $0
- Funds due
- $12,063
- Interest + MI left
- $435,778
- First ends
- Jul 2053
New loan
New conventional
$2,815/mo
Lowest payment- Down payment
- $34,500
- Funds due
- $43,451
- Interest + MI left
- $470,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $393,495 | $310,500 |
| Second mortgage | — | — |
| First P&I | $2,591.48 | $2,149.84 |
| Second P&I | — | — |
| Mortgage insurance | — | $62.10 |
| Taxes, insurance & HOA | $602.58 | $602.58 |
| Total housing payment | $3,194.06 | $2,814.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,063
Usable credit−$0
Total buyer cash needed$12,063
Earnest money paid−$0
Remaining funds due$12,063
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,967.48
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,357.75
Prepaid interest, first (1 days)$70.07
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 closing26 yr 8 moOf the original 30-year loan at 6.500%
Interest already paid$87,154Through Nov 2026
Assumption only · ends Jul 2053$435,778
New conventional · ends Dec 2056$470,894