Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,943/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,917
- Interest + MI left
- $181,182
- First ends
- Jun 2052
New loan
New conventional
$1,971/mo
+$27/mo- Down payment
- $25,000
- Funds due
- $32,374
- Interest + MI left
- $341,228
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $302,487 | $225,000 |
| Second mortgage | — | — |
| First P&I | $1,575.47 | $1,557.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $45.00 |
| Taxes, insurance & HOA | $367.67 | $367.67 |
| Total housing payment | $1,943.14 | $1,970.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,917
Usable credit−$0
Total buyer cash needed$9,917
Earnest money paid−$0
Remaining funds due$9,917
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,512.43
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$653.00
Prepaid interest, first (1 days)$33.15
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 7 moOf the original 30-year loan at 4.000%
Interest already paid$55,987Through Nov 2026
Assumption only · ends Jun 2052$181,182
New conventional · ends Dec 2056$341,228