Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,748/mo
+$601/mo- Down payment
- $0
- Funds due
- $8,318
- Interest + MI left
- $241,053
- First ends
- Jun 2053
New loan
New conventional
$1,148/mo
Lowest payment- Down payment
- $14,000
- Funds due
- $20,166
- Interest + MI left
- $184,233
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $229,359 | $126,000 |
| Second mortgage | — | — |
| First P&I | $1,479.28 | $853.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $25.20 |
| Taxes, insurance & HOA | $269.00 | $269.00 |
| Total housing payment | $1,748.28 | $1,147.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,318
Usable credit−$0
Total buyer cash needed$8,318
Earnest money paid−$0
Remaining funds due$8,318
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,146.79
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$357.00
Prepaid interest, first (5 days)$196.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6 moOf the original 30-year loan at 6.26%
Interest already paid$51,488Through Dec 2026
Assumption only · ends Jun 2053$241,053
New conventional · ends Jan 2057$184,233