Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,506/mo
+$594/mo- Down payment
- $0
- Funds due
- $7,678
- Interest + MI left
- $218,702
- First ends
- Oct 2053
New loan
New conventional
$913/mo
Lowest payment- Down payment
- $10,700
- Funds due
- $16,455
- Interest + MI left
- $140,807
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $188,698 | $96,300 |
| Second mortgage | — | — |
| First P&I | $1,265.22 | $652.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $19.26 |
| Taxes, insurance & HOA | $240.92 | $240.92 |
| Total housing payment | $1,506.14 | $912.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,678
Usable credit−$0
Total buyer cash needed$7,678
Earnest money paid−$0
Remaining funds due$7,678
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,070.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$943.49
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$272.75
Prepaid interest, first (5 days)$173.45
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 10 moOf the original 30-year loan at 6.71%
Interest already paid$40,904Through Dec 2026
Assumption only · ends Oct 2053$218,702
New conventional · ends Jan 2057$140,807