Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,780/mo
+$481/mo- Down payment
- $0
- Funds due
- $10,794
- Interest + MI left
- $322,098
- First ends
- Oct 2050
New loan
New conventional
$2,299/mo
Lowest payment- Down payment
- $27,990
- Funds due
- $36,049
- Interest + MI left
- $382,038
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $330,956 | $251,910 |
| Second mortgage | — | — |
| First P&I | $2,275.45 | $1,744.17 |
| Second P&I | — | — |
| Mortgage insurance | — | $50.38 |
| Taxes, insurance & HOA | $504.58 | $504.58 |
| Total housing payment | $2,780.03 | $2,299.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,794
Usable credit−$0
Total buyer cash needed$10,794
Earnest money paid−$0
Remaining funds due$10,794
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,654.78
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$523.75
Initial HOA (3 months)$540.00
Prepaid interest, first (1 days)$58.94
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 closing23 yr 11 moOf the original 25-year loan at 6.500%
Interest already paid$23,536Through Nov 2026
Assumption only · ends Oct 2050$322,098
New conventional · ends Dec 2056$382,038