Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,390/mo
+$211/mo- Down payment
- $0
- Funds due
- $8,153
- Interest + MI left
- $96,471
- First ends
- Sep 2050
New loan
New conventional
$1,178/mo
Lowest payment- Down payment
- $14,355
- Funds due
- $20,448
- Interest + MI left
- $195,933
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $227,178 | $129,195 |
| Second mortgage | — | — |
| First P&I | $1,131.64 | $894.52 |
| Second P&I | — | — |
| Mortgage insurance | — | $25.84 |
| Taxes, insurance & HOA | $258.00 | $258.00 |
| Total housing payment | $1,389.64 | $1,178.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,153
Usable credit−$0
Total buyer cash needed$8,153
Earnest money paid−$0
Remaining funds due$8,153
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,435.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,135.89
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 (2 days)$39.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing23 yr 10 moOf the original 30-year loan at 3.160%
Interest already paid$47,920Through Nov 2026
Assumption only · ends Sep 2050$96,471
New conventional · ends Dec 2056$195,933