Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,333/mo
Lowest payment- Down payment
- $0
- Funds due
- $8,669
- Interest + MI left
- $139,702
- First ends
- Dec 2055
New loan
New conventional
$1,483/mo
+$150/mo- Down payment
- $20,000
- Funds due
- $26,414
- Interest + MI left
- $272,982
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $255,291 | $180,000 |
| Second mortgage | — | — |
| First P&I | $1,131.78 | $1,246.28 |
| Second P&I | — | — |
| Mortgage insurance | — | $36.00 |
| Taxes, insurance & HOA | $200.75 | $200.75 |
| Total housing payment | $1,332.53 | $1,483.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,669
Usable credit−$0
Total buyer cash needed$8,669
Earnest money paid−$0
Remaining funds due$8,669
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,276.45
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$152.25
Prepaid interest, first (1 days)$22.73
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 closing29 yr 1 moOf the original 30-year loan at 3.250%
Interest already paid$7,683Through Nov 2026
Assumption only · ends Dec 2055$139,702
New conventional · ends Dec 2056$272,982