Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,728/mo
Lowest payment- Down payment
- $14,380
- Funds due
- $23,814
- Interest + MI left
- $202,170
- First ends
- Sep 2052
New loan
New conventional
$1,901/mo
+$173/mo- Down payment
- $24,440
- Funds due
- $31,706
- Interest + MI left
- $333,584
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $230,020 | $219,960 |
| Second mortgage | — | — |
| First P&I | $1,394.16 | $1,522.96 |
| Second P&I | — | — |
| Mortgage insurance | — | $43.99 |
| Taxes, insurance & HOA | $333.92 | $333.92 |
| Total housing payment | $1,728.08 | $1,900.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,380
Closing costs & prepaids$9,433
Usable credit−$0
Total buyer cash needed$23,814
Earnest money paid−$0
Remaining funds due$23,814
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,444.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,150.10
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$161.75
Initial HOA (3 months)$390.00
Prepaid interest, first (2 days)$69.57
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 5.520%
Interest already paid$54,728Through Nov 2026
Assumption only · ends Sep 2052$202,170
New conventional · ends Dec 2056$333,584