Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,021/mo
+$425/mo- Down payment
- $0
- Funds due
- $9,744
- Interest + MI left
- $164,209
- First ends
- Jul 2051
New loan
New conventional
$1,596/mo
Lowest payment- Down payment
- $21,650
- Funds due
- $28,628
- Interest + MI left
- $284,903
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,173 | $194,850 |
| Second mortgage | — | — |
| First P&I | $1,784.35 | $1,319.98 |
| Second P&I | — | — |
| Mortgage insurance | — | $38.97 |
| Taxes, insurance & HOA | $236.58 | $236.58 |
| Total housing payment | $2,020.93 | $1,595.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,744
Usable credit−$0
Total buyer cash needed$9,744
Earnest money paid−$0
Remaining funds due$9,744
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,165.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,810.86
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$259.75
Prepaid interest, first (9 days)$290.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing24 yr 7 moOf the original 30-year loan at 3.25%
Interest already paid$68,155Through Dec 2026
Assumption only · ends Jul 2051$164,209
New conventional · ends Jan 2057$284,903