Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,226/mo
+$207/mo- Down payment
- $0
- Funds due
- $10,344
- Interest + MI left
- $267,019
- First ends
- Oct 2052
New loan
New conventional
$2,020/mo
Lowest payment- Down payment
- $28,000
- Funds due
- $35,578
- Interest + MI left
- $368,464
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $341,831 | $251,999 |
| Second mortgage | — | — |
| First P&I | $1,964.03 | $1,707.13 |
| Second P&I | — | — |
| Mortgage insurance | — | $50.40 |
| Taxes, insurance & HOA | $262.00 | $262.00 |
| Total housing payment | $2,226.03 | $2,019.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,344
Usable credit−$0
Total buyer cash needed$10,344
Earnest money paid−$0
Remaining funds due$10,344
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,799.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,709.16
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$336.00
Prepaid interest, first (6 days)$280.40
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 10 moOf the original 30-year loan at 4.99%
Interest already paid$73,753Through Dec 2026
Assumption only · ends Oct 2052$267,019
New conventional · ends Jan 2057$368,464