Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,337/mo
Lowest payment- Down payment
- $22,793
- Funds due
- $31,956
- Interest + MI left
- $81,192
- First ends
- Feb 2052
New loan
New conventional
$1,791/mo
+$454/mo- Down payment
- $20,800
- Funds due
- $28,058
- Interest + MI left
- $283,901
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $185,207 | $187,200 |
| Second mortgage | — | — |
| First P&I | $879.20 | $1,296.13 |
| Second P&I | — | — |
| Mortgage insurance | — | $37.44 |
| Taxes, insurance & HOA | $457.67 | $457.67 |
| Total housing payment | $1,336.87 | $1,791.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,793
Closing costs & prepaids$9,163
Usable credit−$0
Total buyer cash needed$31,956
Earnest money paid−$0
Remaining funds due$31,956
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,080.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$926.03
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$155.00
Initial HOA (3 months)$768.00
Prepaid interest, first (1 days)$15.58
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 3 moOf the original 30-year loan at 3.070%
Interest already paid$28,639Through Nov 2026
Assumption only · ends Feb 2052$81,192
New conventional · ends Dec 2056$283,901