Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,841/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,525
- Interest + MI left
- $191,943
- First ends
- Aug 2052
New loan
New conventional
$1,852/mo
+$11/mo- Down payment
- $21,650
- Funds due
- $29,004
- Interest + MI left
- $295,503
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $233,508 | $194,850 |
| Second mortgage | — | — |
| First P&I | $1,376.86 | $1,349.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $38.97 |
| Taxes, insurance & HOA | $463.67 | $463.67 |
| Total housing payment | $1,840.53 | $1,851.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,525
Usable credit−$0
Total buyer cash needed$9,525
Earnest money paid−$0
Remaining funds due$9,525
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,165.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,167.54
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$941.00
Prepaid interest, first (1 days)$33.46
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 closing25 yr 9 moOf the original 30-year loan at 5.230%
Interest already paid$53,828Through Nov 2026
Assumption only · ends Aug 2052$191,943
New conventional · ends Dec 2056$295,503