Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,993/mo
+$925/mo- Down payment
- $0
- Funds due
- $8,140
- Interest + MI left
- $348,389
- First ends
- Sep 2055
New loan
New conventional
$1,068/mo
Lowest payment- Down payment
- $14,000
- Funds due
- $19,770
- Interest + MI left
- $191,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $282,315 | $126,000 |
| Second mortgage | — | — |
| First P&I | $1,822.85 | $872.40 |
| Second P&I | — | — |
| Mortgage insurance | — | $25.20 |
| Taxes, insurance & HOA | $169.92 | $169.92 |
| Total housing payment | $1,992.76 | $1,067.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,140
Usable credit−$0
Total buyer cash needed$8,140
Earnest money paid−$0
Remaining funds due$8,140
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,411.58
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$59.75
Prepaid interest, first (1 days)$50.89
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 10 moOf the original 30-year loan at 6.580%
Interest already paid$21,826Through Nov 2026
Assumption only · ends Sep 2055$348,389
New conventional · ends Dec 2056$191,087