Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,149/mo
+$49/mo- Down payment
- $0
- Funds due
- $7,538
- Interest + MI left
- $181,688
- First ends
- May 2055
New loan
New conventional
$1,100/mo
Lowest payment- Down payment
- $13,990
- Funds due
- $19,884
- Interest + MI left
- $190,951
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $141,741 | $125,910 |
| Second mortgage | — | — |
| First P&I | $945.70 | $871.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $25.18 |
| Taxes, insurance & HOA | $203.08 | $203.08 |
| Total housing payment | $1,148.78 | $1,100.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,538
Usable credit−$0
Total buyer cash needed$7,538
Earnest money paid−$0
Remaining funds due$7,538
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$708.71
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$159.25
Prepaid interest, first (2 days)$53.36
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 closing28 yr 6 moOf the original 30-year loan at 6.870%
Interest already paid$14,733Through Nov 2026
Assumption only · ends May 2055$181,688
New conventional · ends Dec 2056$190,951