Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,741/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,160
- Interest + MI left
- $214,547
- First ends
- Sep 2052
New loan
New conventional
$1,768/mo
+$27/mo- Down payment
- $23,500
- Funds due
- $30,418
- Interest + MI left
- $320,754
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $244,102 | $211,500 |
| Second mortgage | — | — |
| First P&I | $1,479.52 | $1,464.38 |
| Second P&I | — | — |
| Mortgage insurance | — | $42.30 |
| Taxes, insurance & HOA | $261.67 | $261.67 |
| Total housing payment | $1,741.18 | $1,768.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,160
Usable credit−$0
Total buyer cash needed$9,160
Earnest money paid−$0
Remaining funds due$9,160
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,220.51
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$191.00
Initial HOA (3 months)$144.00
Prepaid interest, first (1 days)$36.92
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 10 moOf the original 30-year loan at 5.520%
Interest already paid$58,078Through Nov 2026
Assumption only · ends Sep 2052$214,547
New conventional · ends Dec 2056$320,754