Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,112/mo
+$31/mo- Down payment
- $7,650
- Funds due
- $17,407
- Interest + MI left
- $366,216
- First ends
- Dec 2054
New loan
New conventional
$2,081/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $37,202
- Interest + MI left
- $409,472
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $292,349 | $269,999 |
| Second mortgage | — | — |
| First P&I | $1,954.20 | $1,869.42 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $157.58 | $157.58 |
| Total housing payment | $2,111.78 | $2,081.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$7,650
Closing costs & prepaids$9,757
Usable credit−$0
Total buyer cash needed$17,407
Earnest money paid−$0
Remaining funds due$17,407
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,461.75
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$22.75
Prepaid interest, first (1 days)$54.79
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 closing28 yr 1 moOf the original 30-year loan at 6.840%
Interest already paid$38,759Through Nov 2026
Assumption only · ends Dec 2054$366,216
New conventional · ends Dec 2056$409,472