Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,773/mo
+$210/mo- Down payment
- $0
- Funds due
- $9,211
- Interest + MI left
- $142,883
- First ends
- Apr 2052
New loan
New conventional
$1,563/mo
Lowest payment- Down payment
- $17,500
- Funds due
- $24,437
- Interest + MI left
- $238,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $263,323 | $157,500 |
| Second mortgage | — | — |
| First P&I | $1,331.82 | $1,090.50 |
| Second P&I | — | — |
| Mortgage insurance | — | $31.50 |
| Taxes, insurance & HOA | $441.17 | $441.17 |
| Total housing payment | $1,772.99 | $1,563.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,211
Usable credit−$0
Total buyer cash needed$9,211
Earnest money paid−$0
Remaining funds due$9,211
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,316.62
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$585.50
Initial HOA (3 months)$288.00
Prepaid interest, first (2 days)$53.24
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 3.690%
Interest already paid$46,869Through Nov 2026
Assumption only · ends Apr 2052$142,883
New conventional · ends Dec 2056$238,859