Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,579/mo
+$640/mo- Down payment
- $0
- Funds due
- $9,911
- Interest + MI left
- $437,678
- First ends
- Aug 2054
New loan
New conventional
$1,939/mo
Lowest payment- Down payment
- $26,500
- Funds due
- $33,629
- Interest + MI left
- $361,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $341,181 | $238,500 |
| Second mortgage | — | — |
| First P&I | $2,338.92 | $1,651.33 |
| Second P&I | — | — |
| Mortgage insurance | — | $47.70 |
| Taxes, insurance & HOA | $240.33 | $240.33 |
| Total housing payment | $2,579.25 | $1,939.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,911
Usable credit−$0
Total buyer cash needed$9,911
Earnest money paid−$0
Remaining funds due$9,911
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,705.91
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$271.00
Prepaid interest, first (1 days)$65.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 7.060%
Interest already paid$54,894Through Nov 2026
Assumption only · ends Aug 2054$437,678
New conventional · ends Dec 2056$361,701