Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,325/mo
+$172/mo- Down payment
- $0
- Funds due
- $10,630
- Interest + MI left
- $277,391
- First ends
- Jun 2052
New loan
New conventional
$2,153/mo
Lowest payment- Down payment
- $30,000
- Funds due
- $37,804
- Interest + MI left
- $394,785
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $351,475 | $270,000 |
| Second mortgage | — | — |
| First P&I | $2,055.12 | $1,829.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $270.00 | $270.00 |
| Total housing payment | $2,325.12 | $2,153.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,630
Usable credit−$0
Total buyer cash needed$10,630
Earnest money paid−$0
Remaining funds due$10,630
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,757.38
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$360.00
Prepaid interest, first (6 days)$294.66
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 closing25 yr 6 moOf the original 30-year loan at 5.1%
Interest already paid$83,942Through Dec 2026
Assumption only · ends Jun 2052$277,391
New conventional · ends Jan 2057$394,785