Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,757/mo
+$61/mo- Down payment
- $0
- Funds due
- $9,155
- Interest + MI left
- $193,918
- First ends
- Sep 2052
New loan
New conventional
$1,696/mo
Lowest payment- Down payment
- $19,900
- Funds due
- $26,963
- Interest + MI left
- $271,617
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $220,631 | $179,100 |
| Second mortgage | — | — |
| First P&I | $1,337.25 | $1,240.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $35.82 |
| Taxes, insurance & HOA | $420.17 | $420.17 |
| Total housing payment | $1,757.42 | $1,696.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,155
Usable credit−$0
Total buyer cash needed$9,155
Earnest money paid−$0
Remaining funds due$9,155
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,103.16
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$135.50
Initial HOA (3 months)$675.00
Prepaid interest, first (1 days)$33.37
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$52,494Through Nov 2026
Assumption only · ends Sep 2052$193,918
New conventional · ends Dec 2056$271,617