Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,654/mo
+$2/mo- Down payment
- $1,698
- Funds due
- $10,910
- Interest + MI left
- $282,905
- First ends
- Oct 2056
New loan
New conventional
$1,652/mo
Lowest payment- Down payment
- $22,500
- Funds due
- $29,579
- Interest + MI left
- $296,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $223,302 | $202,500 |
| Second mortgage | — | — |
| First P&I | $1,413.99 | $1,371.81 |
| Second P&I | — | — |
| Mortgage insurance | — | $40.50 |
| Taxes, insurance & HOA | $240.00 | $240.00 |
| Total housing payment | $1,653.99 | $1,652.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,698
Closing costs & prepaids$9,212
Usable credit−$0
Total buyer cash needed$10,910
Earnest money paid−$0
Remaining funds due$10,910
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,116.51
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$270.00
Prepaid interest, first (9 days)$357.90
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 closing29 yr 10 moOf the original 30-year loan at 6.5%
Interest already paid$2,422Through Dec 2026
Assumption only · ends Oct 2056$282,905
New conventional · ends Jan 2057$296,088