Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,029/mo
+$945/mo- Down payment
- $0
- Funds due
- $8,653
- Interest + MI left
- $346,841
- First ends
- Sep 2055
New loan
New conventional
$1,084/mo
Lowest payment- Down payment
- $13,990
- Funds due
- $20,065
- Interest + MI left
- $184,101
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $282,040 | $125,910 |
| Second mortgage | — | — |
| First P&I | $1,822.85 | $852.96 |
| Second P&I | — | — |
| Mortgage insurance | — | $25.18 |
| Taxes, insurance & HOA | $206.00 | $206.00 |
| Total housing payment | $2,028.85 | $1,084.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,653
Usable credit−$0
Total buyer cash needed$8,653
Earnest money paid−$0
Remaining funds due$8,653
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,410.20
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$168.00
Prepaid interest, first (9 days)$457.60
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 closing28 yr 9 moOf the original 30-year loan at 6.58%
Interest already paid$23,374Through Dec 2026
Assumption only · ends Sep 2055$346,841
New conventional · ends Jan 2057$184,101