Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,236/mo
+$381/mo- Down payment
- $0
- Funds due
- $9,756
- Interest + MI left
- $276,508
- First ends
- Aug 2052
New loan
New conventional
$1,856/mo
Lowest payment- Down payment
- $25,000
- Funds due
- $32,029
- Interest + MI left
- $341,228
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $336,386 | $225,000 |
| Second mortgage | — | — |
| First P&I | $1,983.48 | $1,557.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $45.00 |
| Taxes, insurance & HOA | $252.75 | $252.75 |
| Total housing payment | $2,236.23 | $1,855.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,756
Usable credit−$0
Total buyer cash needed$9,756
Earnest money paid−$0
Remaining funds due$9,756
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,681.93
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$308.25
Prepaid interest, first (1 days)$48.20
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 closing25 yr 9 moOf the original 30-year loan at 5.230%
Interest already paid$77,543Through Nov 2026
Assumption only · ends Aug 2052$276,508
New conventional · ends Dec 2056$341,228