Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,496/mo
+$182/mo- Down payment
- $0
- Funds due
- $10,966
- Interest + MI left
- $364,232
- First ends
- Jun 2054
New loan
New conventional
$2,313/mo
Lowest payment- Down payment
- $29,000
- Funds due
- $37,373
- Interest + MI left
- $381,625
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $296,631 | $261,000 |
| Second mortgage | — | — |
| First P&I | $2,002.61 | $1,768.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $52.20 |
| Taxes, insurance & HOA | $493.17 | $493.17 |
| Total housing payment | $2,495.78 | $2,313.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,966
Usable credit−$0
Total buyer cash needed$10,966
Earnest money paid−$0
Remaining funds due$10,966
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,483.16
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,029.50
Prepaid interest, first (6 days)$334.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6 moOf the original 30-year loan at 6.87%
Interest already paid$51,710Through Dec 2026
Assumption only · ends Jun 2054$364,232
New conventional · ends Jan 2057$381,625