Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,277/mo
+$102/mo- Down payment
- $0
- Funds due
- $10,128
- Interest + MI left
- $393,160
- First ends
- Oct 2055
New loan
New conventional
$2,175/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $37,485
- Interest + MI left
- $409,472
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $309,537 | $269,999 |
| Second mortgage | — | — |
| First P&I | $2,025.06 | $1,869.42 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $251.75 | $251.75 |
| Total housing payment | $2,276.81 | $2,175.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,128
Usable credit−$0
Total buyer cash needed$10,128
Earnest money paid−$0
Remaining funds due$10,128
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,547.69
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)$56.99
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 6.720%
Interest already paid$22,679Through Nov 2026
Assumption only · ends Oct 2055$393,160
New conventional · ends Dec 2056$409,472