Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,182/mo
Lowest payment- Down payment
- $5,795
- Funds due
- $16,067
- Interest + MI left
- $360,631
- First ends
- Oct 2055
New loan
New conventional
$2,271/mo
+$89/mo- Down payment
- $31,500
- Funds due
- $39,123
- Interest + MI left
- $429,947
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $309,205 | $283,500 |
| Second mortgage | — | — |
| First P&I | $1,930.37 | $1,962.90 |
| Second P&I | — | — |
| Mortgage insurance | — | $56.70 |
| Taxes, insurance & HOA | $251.75 | $251.75 |
| Total housing payment | $2,182.12 | $2,271.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,795
Closing costs & prepaids$10,272
Usable credit−$0
Total buyer cash needed$16,067
Earnest money paid−$0
Remaining funds due$16,067
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,546.03
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$305.25
Prepaid interest, first (1 days)$53.03
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 11 moOf the original 30-year loan at 6.260%
Interest already paid$21,116Through Nov 2026
Assumption only · ends Oct 2055$360,631
New conventional · ends Dec 2056$429,947