Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,664/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,507
- Interest + MI left
- $131,843
- First ends
- Jan 2052
New loan
New conventional
$1,828/mo
+$164/mo- Down payment
- $24,950
- Funds due
- $31,946
- Interest + MI left
- $340,545
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $301,850 | $224,550 |
| Second mortgage | — | — |
| First P&I | $1,436.07 | $1,554.74 |
| Second P&I | — | — |
| Mortgage insurance | — | $44.91 |
| Taxes, insurance & HOA | $228.08 | $228.08 |
| Total housing payment | $1,664.15 | $1,827.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,507
Usable credit−$0
Total buyer cash needed$9,507
Earnest money paid−$0
Remaining funds due$9,507
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,495.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,509.25
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$234.25
Prepaid interest, first (2 days)$50.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 3.070%
Interest already paid$47,552Through Nov 2026
Assumption only · ends Jan 2052$131,843
New conventional · ends Dec 2056$340,545