Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,714/mo
+$379/mo- Down payment
- $0
- Funds due
- $8,595
- Interest + MI left
- $246,581
- First ends
- Jul 2053
New loan
New conventional
$1,335/mo
Lowest payment- Down payment
- $17,750
- Funds due
- $24,174
- Interest + MI left
- $233,581
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $229,803 | $159,750 |
| Second mortgage | — | — |
| First P&I | $1,493.37 | $1,082.20 |
| Second P&I | — | — |
| Mortgage insurance | — | $31.95 |
| Taxes, insurance & HOA | $221.00 | $221.00 |
| Total housing payment | $1,714.37 | $1,335.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,595
Usable credit−$0
Total buyer cash needed$8,595
Earnest money paid−$0
Remaining funds due$8,595
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,775.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,149.01
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$213.00
Prepaid interest, first (6 days)$239.88
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 7 moOf the original 30-year loan at 6.35%
Interest already paid$51,031Through Dec 2026
Assumption only · ends Jul 2053$246,581
New conventional · ends Jan 2057$233,581