Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,389/mo
+$168/mo- Down payment
- $0
- Funds due
- $8,147
- Interest + MI left
- $132,346
- First ends
- Nov 2052
New loan
New conventional
$1,222/mo
Lowest payment- Down payment
- $11,980
- Funds due
- $18,416
- Interest + MI left
- $163,516
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $159,558 | $107,820 |
| Second mortgage | — | — |
| First P&I | $935.59 | $746.52 |
| Second P&I | — | — |
| Mortgage insurance | — | $21.56 |
| Taxes, insurance & HOA | $453.58 | $453.58 |
| Total housing payment | $1,389.17 | $1,221.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,147
Usable credit−$0
Total buyer cash needed$8,147
Earnest money paid−$0
Remaining funds due$8,147
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,198.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$797.79
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$94.75
Initial HOA (3 months)$816.00
Prepaid interest, first (1 days)$22.82
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 closing26 yrOf the original 30-year loan at 5.220%
Interest already paid$34,466Through Nov 2026
Assumption only · ends Nov 2052$132,346
New conventional · ends Dec 2056$163,516