Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,823/mo
+$296/mo- Down payment
- $0
- Funds due
- $8,892
- Interest + MI left
- $266,094
- First ends
- Mar 2055
New loan
New conventional
$1,527/mo
Lowest payment- Down payment
- $17,500
- Funds due
- $24,330
- Interest + MI left
- $238,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $215,859 | $157,500 |
| Second mortgage | — | — |
| First P&I | $1,417.51 | $1,090.50 |
| Second P&I | — | — |
| Mortgage insurance | — | $31.50 |
| Taxes, insurance & HOA | $405.25 | $405.25 |
| Total housing payment | $1,822.76 | $1,527.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,892
Usable credit−$0
Total buyer cash needed$8,892
Earnest money paid−$0
Remaining funds due$8,892
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,079.29
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$765.75
Prepaid interest, first (2 days)$79.13
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 4 moOf the original 30-year loan at 6.690%
Interest already paid$24,309Through Nov 2026
Assumption only · ends Mar 2055$266,094
New conventional · ends Dec 2056$238,859