Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,692/mo
+$115/mo- Down payment
- $0
- Funds due
- $9,227
- Interest + MI left
- $108,214
- First ends
- Jan 2052
New loan
New conventional
$1,577/mo
Lowest payment- Down payment
- $16,500
- Funds due
- $23,548
- Interest + MI left
- $225,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $245,972 | $148,500 |
| Second mortgage | — | — |
| First P&I | $1,172.80 | $1,028.18 |
| Second P&I | — | — |
| Mortgage insurance | — | $29.70 |
| Taxes, insurance & HOA | $519.42 | $519.42 |
| Total housing payment | $1,692.22 | $1,577.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,227
Usable credit−$0
Total buyer cash needed$9,227
Earnest money paid−$0
Remaining funds due$9,227
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,229.86
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$990.75
Initial HOA (3 months)$117.51
Prepaid interest, first (1 days)$20.82
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 2 moOf the original 30-year loan at 3.090%
Interest already paid$38,995Through Nov 2026
Assumption only · ends Jan 2052$108,214
New conventional · ends Dec 2056$225,210