Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,179/mo
+$325/mo- Down payment
- $0
- Funds due
- $12,282
- Interest + MI left
- $514,276
- First ends
- Oct 2053
New loan
New conventional
$2,854/mo
Lowest payment- Down payment
- $40,500
- Funds due
- $49,486
- Interest + MI left
- $532,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $409,042 | $364,500 |
| Second mortgage | — | — |
| First P&I | $2,867.45 | $2,469.25 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.90 |
| Taxes, insurance & HOA | $312.00 | $312.00 |
| Total housing payment | $3,179.45 | $2,854.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,282
Usable credit−$0
Total buyer cash needed$12,282
Earnest money paid−$0
Remaining funds due$12,282
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,045.21
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$486.00
Prepaid interest, first (6 days)$482.78
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 closing26 yr 10 moOf the original 30-year loan at 7.18%
Interest already paid$94,725Through Dec 2026
Assumption only · ends Oct 2053$514,276
New conventional · ends Jan 2057$532,959