Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,509/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,093
- Interest + MI left
- $113,018
- First ends
- Apr 2052
New loan
New conventional
$1,658/mo
+$149/mo- Down payment
- $18,750
- Funds due
- $25,847
- Interest + MI left
- $255,921
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $208,285 | $168,750 |
| Second mortgage | — | — |
| First P&I | $1,053.45 | $1,168.39 |
| Second P&I | — | — |
| Mortgage insurance | — | $33.75 |
| Taxes, insurance & HOA | $455.42 | $455.42 |
| Total housing payment | $1,508.87 | $1,657.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,093
Usable credit−$0
Total buyer cash needed$9,093
Earnest money paid−$0
Remaining funds due$9,093
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,875.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,041.42
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$916.25
Prepaid interest, first (2 days)$42.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 3.690%
Interest already paid$37,072Through Nov 2026
Assumption only · ends Apr 2052$113,018
New conventional · ends Dec 2056$255,921