Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,431/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,193
- Interest + MI left
- $109,238
- First ends
- Apr 2052
New loan
New conventional
$1,778/mo
+$347/mo- Down payment
- $23,000
- Funds due
- $30,039
- Interest + MI left
- $313,929
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $234,576 | $207,000 |
| Second mortgage | — | — |
| First P&I | $1,127.26 | $1,433.23 |
| Second P&I | — | — |
| Mortgage insurance | — | $41.40 |
| Taxes, insurance & HOA | $303.42 | $303.42 |
| Total housing payment | $1,430.68 | $1,778.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,193
Usable credit−$0
Total buyer cash needed$9,193
Earnest money paid−$0
Remaining funds due$9,193
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,172.88
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$190.25
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$41.39
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 3.220%
Interest already paid$36,576Through Nov 2026
Assumption only · ends Apr 2052$109,238
New conventional · ends Dec 2056$313,929