Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,071/mo
+$330/mo- Down payment
- $0
- Funds due
- $9,465
- Interest + MI left
- $311,753
- First ends
- Nov 2053
New loan
New conventional
$1,740/mo
Lowest payment- Down payment
- $22,450
- Funds due
- $29,625
- Interest + MI left
- $291,991
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $247,037 | $202,050 |
| Second mortgage | — | — |
| First P&I | $1,730.00 | $1,359.20 |
| Second P&I | — | — |
| Mortgage insurance | — | $40.41 |
| Taxes, insurance & HOA | $340.83 | $340.83 |
| Total housing payment | $2,070.83 | $1,740.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,465
Usable credit−$0
Total buyer cash needed$9,465
Earnest money paid−$0
Remaining funds due$9,465
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,245.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,235.18
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$572.50
Prepaid interest, first (4 days)$194.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 11 moOf the original 30-year loan at 7.18%
Interest already paid$55,672Through Dec 2026
Assumption only · ends Nov 2053$311,753
New conventional · ends Jan 2057$291,991