Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,166/mo
+$212/mo- Down payment
- $0
- Funds due
- $12,698
- Interest + MI left
- $112,575
- First ends
- Mar 2045
New loan
New conventional
$2,954/mo
Lowest payment- Down payment
- $42,000
- Funds due
- $51,230
- Interest + MI left
- $552,699
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $511,126 | $378,000 |
| Second mortgage | — | — |
| First P&I | $2,847.95 | $2,560.70 |
| Second P&I | — | — |
| Mortgage insurance | — | $75.60 |
| Taxes, insurance & HOA | $318.00 | $318.00 |
| Total housing payment | $3,165.95 | $2,954.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,698
Usable credit−$0
Total buyer cash needed$12,698
Earnest money paid−$0
Remaining funds due$12,698
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,555.63
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$504.00
Prepaid interest, first (7 days)$220.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing18 yr 3 moOf the original 20-year loan at 2.25%
Interest already paid$20,932Through Dec 2026
Assumption only · ends Mar 2045$112,575
New conventional · ends Jan 2057$552,699