Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,750/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,504
- Interest + MI left
- $180,027
- First ends
- Oct 2055
New loan
New conventional
$2,152/mo
+$402/mo- Down payment
- $29,990
- Funds due
- $37,952
- Interest + MI left
- $394,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $332,198 | $269,910 |
| Second mortgage | — | — |
| First P&I | $1,480.42 | $1,828.46 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.98 |
| Taxes, insurance & HOA | $270.00 | $270.00 |
| Total housing payment | $1,750.42 | $2,152.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,504
Usable credit−$0
Total buyer cash needed$10,504
Earnest money paid−$0
Remaining funds due$10,504
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,660.99
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$360.00
Prepaid interest, first (9 days)$266.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 3.25%
Interest already paid$12,759Through Dec 2026
Assumption only · ends Oct 2055$180,027
New conventional · ends Jan 2057$394,653