Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,587/mo
+$97/mo- Down payment
- $0
- Funds due
- $8,559
- Interest + MI left
- $223,260
- First ends
- May 2054
New loan
New conventional
$1,490/mo
Lowest payment- Down payment
- $17,990
- Funds due
- $24,627
- Interest + MI left
- $245,547
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $189,419 | $161,910 |
| Second mortgage | — | — |
| First P&I | $1,250.54 | $1,121.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $32.38 |
| Taxes, insurance & HOA | $336.75 | $336.75 |
| Total housing payment | $1,587.29 | $1,490.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,559
Usable credit−$0
Total buyer cash needed$8,559
Earnest money paid−$0
Remaining funds due$8,559
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$947.09
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$395.25
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$34.46
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 closing27 yr 6 moOf the original 30-year loan at 6.640%
Interest already paid$31,935Through Nov 2026
Assumption only · ends May 2054$223,260
New conventional · ends Dec 2056$245,547