Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,706/mo
+$254/mo- Down payment
- $0
- Funds due
- $8,886
- Interest + MI left
- $270,789
- First ends
- Oct 2054
New loan
New conventional
$1,452/mo
Lowest payment- Down payment
- $19,500
- Funds due
- $26,225
- Interest + MI left
- $256,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $222,813 | $175,500 |
| Second mortgage | — | — |
| First P&I | $1,477.85 | $1,188.90 |
| Second P&I | — | — |
| Mortgage insurance | — | $35.10 |
| Taxes, insurance & HOA | $228.00 | $228.00 |
| Total housing payment | $1,705.85 | $1,452.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,886
Usable credit−$0
Total buyer cash needed$8,886
Earnest money paid−$0
Remaining funds due$8,886
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,114.07
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$234.00
Prepaid interest, first (9 days)$369.75
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 closing27 yr 10 moOf the original 30-year loan at 6.73%
Interest already paid$32,917Through Dec 2026
Assumption only · ends Oct 2054$270,789
New conventional · ends Jan 2057$256,610