Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,276/mo
+$179/mo- Down payment
- $0
- Funds due
- $7,709
- Interest + MI left
- $153,913
- First ends
- Apr 2053
New loan
New conventional
$1,097/mo
Lowest payment- Down payment
- $12,000
- Funds due
- $18,059
- Interest + MI left
- $163,789
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $146,716 | $108,000 |
| Second mortgage | — | — |
| First P&I | $948.36 | $747.77 |
| Second P&I | — | — |
| Mortgage insurance | — | $21.60 |
| Taxes, insurance & HOA | $327.33 | $327.33 |
| Total housing payment | $1,275.69 | $1,096.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,709
Usable credit−$0
Total buyer cash needed$7,709
Earnest money paid−$0
Remaining funds due$7,709
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$733.58
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$299.50
Initial HOA (3 months)$232.50
Prepaid interest, first (1 days)$25.20
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 closing26 yr 5 moOf the original 30-year loan at 6.270%
Interest already paid$33,796Through Nov 2026
Assumption only · ends Apr 2053$153,913
New conventional · ends Dec 2056$163,789