Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,735/mo
+$217/mo- Down payment
- $0
- Funds due
- $8,918
- Interest + MI left
- $184,672
- First ends
- Sep 2052
New loan
New conventional
$1,518/mo
Lowest payment- Down payment
- $16,990
- Funds due
- $23,841
- Interest + MI left
- $231,898
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $220,367 | $152,910 |
| Second mortgage | — | — |
| First P&I | $1,306.58 | $1,058.72 |
| Second P&I | — | — |
| Mortgage insurance | — | $30.58 |
| Taxes, insurance & HOA | $428.33 | $428.33 |
| Total housing payment | $1,734.91 | $1,517.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,918
Usable credit−$0
Total buyer cash needed$8,918
Earnest money paid−$0
Remaining funds due$8,918
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,101.83
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$835.00
Prepaid interest, first (2 days)$64.00
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 5.300%
Interest already paid$50,405Through Nov 2026
Assumption only · ends Sep 2052$184,672
New conventional · ends Dec 2056$231,898