Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,693/mo
+$1,065/mo- Down payment
- $0
- Funds due
- $7,233
- Interest + MI left
- $148,910
- First ends
- Sep 2047
New loan
New conventional
$627/mo
Lowest payment- Down payment
- $5,750
- Funds due
- $11,040
- Interest + MI left
- $78,482
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $209,525 | $51,750 |
| Second mortgage | — | — |
| First P&I | $1,433.74 | $358.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $10.35 |
| Taxes, insurance & HOA | $258.83 | $258.83 |
| Total housing payment | $1,692.58 | $627.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,233
Usable credit−$0
Total buyer cash needed$7,233
Earnest money paid−$0
Remaining funds due$7,233
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$575.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,047.63
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$326.50
Prepaid interest, first (2 days)$65.44
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 closing20 yr 10 moOf the original 25-year loan at 5.700%
Interest already paid$52,212Through Nov 2026
Assumption only · ends Sep 2047$148,910
New conventional · ends Dec 2056$78,482