Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,309/mo
+$356/mo- Down payment
- $0
- Funds due
- $10,156
- Interest + MI left
- $334,767
- First ends
- Jun 2053
New loan
New conventional
$1,953/mo
Lowest payment- Down payment
- $27,000
- Funds due
- $34,466
- Interest + MI left
- $355,306
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $317,318 | $243,000 |
| Second mortgage | — | — |
| First P&I | $2,050.58 | $1,646.17 |
| Second P&I | — | — |
| Mortgage insurance | — | $48.60 |
| Taxes, insurance & HOA | $258.00 | $258.00 |
| Total housing payment | $2,308.58 | $1,952.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,156
Usable credit−$0
Total buyer cash needed$10,156
Earnest money paid−$0
Remaining funds due$10,156
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,586.59
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$324.00
Prepaid interest, first (6 days)$327.58
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 6 moOf the original 30-year loan at 6.28%
Interest already paid$71,456Through Dec 2026
Assumption only · ends Jun 2053$334,767
New conventional · ends Jan 2057$355,306