Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,675/mo
+$148/mo- Down payment
- $0
- Funds due
- $9,127
- Interest + MI left
- $171,342
- First ends
- Jun 2055
New loan
New conventional
$1,527/mo
Lowest payment- Down payment
- $20,000
- Funds due
- $26,545
- Interest + MI left
- $272,982
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $319,286 | $180,000 |
| Second mortgage | — | — |
| First P&I | $1,430.40 | $1,246.28 |
| Second P&I | — | — |
| Mortgage insurance | — | $36.00 |
| Taxes, insurance & HOA | $244.67 | $244.67 |
| Total housing payment | $1,675.07 | $1,526.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,127
Usable credit−$0
Total buyer cash needed$9,127
Earnest money paid−$0
Remaining funds due$9,127
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,596.43
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$284.00
Prepaid interest, first (1 days)$28.43
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing28 yr 7 moOf the original 30-year loan at 3.250%
Interest already paid$14,931Through Nov 2026
Assumption only · ends Jun 2055$171,342
New conventional · ends Dec 2056$272,982