Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,253/mo
+$237/mo- Down payment
- $0
- Funds due
- $9,714
- Interest + MI left
- $375,743
- First ends
- Jan 2054
New loan
New conventional
$2,015/mo
Lowest payment- Down payment
- $27,490
- Funds due
- $34,748
- Interest + MI left
- $375,214
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $276,208 | $247,410 |
| Second mortgage | — | — |
| First P&I | $1,999.85 | $1,713.02 |
| Second P&I | — | — |
| Mortgage insurance | — | $49.48 |
| Taxes, insurance & HOA | $252.83 | $252.83 |
| Total housing payment | $2,252.68 | $2,015.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,714
Usable credit−$0
Total buyer cash needed$9,714
Earnest money paid−$0
Remaining funds due$9,714
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,381.04
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$308.50
Prepaid interest, first (1 days)$57.28
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 closing27 yr 2 moOf the original 30-year loan at 7.570%
Interest already paid$60,139Through Nov 2026
Assumption only · ends Jan 2054$375,743
New conventional · ends Dec 2056$375,214