Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,183/mo
+$154/mo- Down payment
- $0
- Funds due
- $7,505
- Interest + MI left
- $146,492
- First ends
- May 2053
New loan
New conventional
$1,029/mo
Lowest payment- Down payment
- $11,800
- Funds due
- $17,676
- Interest + MI left
- $161,059
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $143,184 | $106,200 |
| Second mortgage | — | — |
| First P&I | $910.93 | $735.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $21.24 |
| Taxes, insurance & HOA | $272.33 | $272.33 |
| Total housing payment | $1,183.26 | $1,028.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,505
Usable credit−$0
Total buyer cash needed$7,505
Earnest money paid−$0
Remaining funds due$7,505
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,180.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$715.92
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$367.00
Prepaid interest, first (1 days)$24.01
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 yr 6 moOf the original 30-year loan at 6.120%
Interest already paid$31,443Through Nov 2026
Assumption only · ends May 2053$146,492
New conventional · ends Dec 2056$161,059