Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,159/mo
+$360/mo- Down payment
- $0
- Funds due
- $9,625
- Interest + MI left
- $269,719
- First ends
- Sep 2052
New loan
New conventional
$1,799/mo
Lowest payment- Down payment
- $22,500
- Funds due
- $29,653
- Interest + MI left
- $307,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $288,930 | $202,500 |
| Second mortgage | — | — |
| First P&I | $1,802.09 | $1,402.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $40.50 |
| Taxes, insurance & HOA | $356.92 | $356.92 |
| Total housing payment | $2,159.01 | $1,799.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,625
Usable credit−$0
Total buyer cash needed$9,625
Earnest money paid−$0
Remaining funds due$9,625
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,444.65
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$620.75
Prepaid interest, first (2 days)$91.98
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 10 moOf the original 30-year loan at 5.810%
Interest already paid$72,238Through Nov 2026
Assumption only · ends Sep 2052$269,719
New conventional · ends Dec 2056$307,105