Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,333/mo
+$103/mo- Down payment
- $0
- Funds due
- $7,847
- Interest + MI left
- $197,703
- First ends
- Oct 2053
New loan
New conventional
$1,230/mo
Lowest payment- Down payment
- $16,000
- Funds due
- $22,057
- Interest + MI left
- $218,386
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $166,958 | $144,000 |
| Second mortgage | — | — |
| First P&I | $1,128.98 | $997.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $28.80 |
| Taxes, insurance & HOA | $204.25 | $204.25 |
| Total housing payment | $1,333.23 | $1,230.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,847
Usable credit−$0
Total buyer cash needed$7,847
Earnest money paid−$0
Remaining funds due$7,847
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$834.79
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$162.75
Prepaid interest, first (1 days)$31.15
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 closing26 yr 11 moOf the original 30-year loan at 6.810%
Interest already paid$35,731Through Nov 2026
Assumption only · ends Oct 2053$197,703
New conventional · ends Dec 2056$218,386