Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,141/mo
+$53/mo- Down payment
- $0
- Funds due
- $7,695
- Interest + MI left
- $101,760
- First ends
- Sep 2052
New loan
New conventional
$1,087/mo
Lowest payment- Down payment
- $10,495
- Funds due
- $16,677
- Interest + MI left
- $143,247
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $123,330 | $94,455 |
| Second mortgage | — | — |
| First P&I | $726.10 | $653.99 |
| Second P&I | — | — |
| Mortgage insurance | — | $18.89 |
| Taxes, insurance & HOA | $414.50 | $414.50 |
| Total housing payment | $1,140.60 | $1,087.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,695
Usable credit−$0
Total buyer cash needed$7,695
Earnest money paid−$0
Remaining funds due$7,695
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,049.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$616.65
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$793.50
Prepaid interest, first (1 days)$17.67
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 closing25 yr 10 moOf the original 30-year loan at 5.230%
Interest already paid$27,849Through Nov 2026
Assumption only · ends Sep 2052$101,760
New conventional · ends Dec 2056$143,247