Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,225/mo
+$1,641/mo- Down payment
- $0
- Funds due
- $8,091
- Interest + MI left
- $189,405
- First ends
- Mar 2050
New loan
New conventional
$584/mo
Lowest payment- Down payment
- $6,500
- Funds due
- $11,657
- Interest + MI left
- $85,537
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $382,266 | $58,500 |
| Second mortgage | — | — |
| First P&I | $2,049.00 | $396.30 |
| Second P&I | — | — |
| Mortgage insurance | — | $11.70 |
| Taxes, insurance & HOA | $176.00 | $176.00 |
| Total housing payment | $2,225.00 | $584.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,091
Usable credit−$0
Total buyer cash needed$8,091
Earnest money paid−$0
Remaining funds due$8,091
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,911.33
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$78.00
Prepaid interest, first (6 days)$233.76
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing23 yr 3 moOf the original 30-year loan at 3.72%
Interest already paid$104,166Through Dec 2026
Assumption only · ends Mar 2050$189,405
New conventional · ends Jan 2057$85,537