Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,773/mo
+$27/mo- Down payment
- $0
- Funds due
- $9,512
- Interest + MI left
- $179,989
- First ends
- Oct 2052
New loan
New conventional
$1,747/mo
Lowest payment- Down payment
- $19,600
- Funds due
- $27,096
- Interest + MI left
- $257,926
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $209,675 | $176,400 |
| Second mortgage | — | — |
| First P&I | $1,256.98 | $1,195.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $35.28 |
| Taxes, insurance & HOA | $516.42 | $516.42 |
| Total housing payment | $1,773.40 | $1,746.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,512
Usable credit−$0
Total buyer cash needed$9,512
Earnest money paid−$0
Remaining funds due$9,512
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,960.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,048.37
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$235.25
Initial HOA (3 months)$864.00
Prepaid interest, first (6 days)$186.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5.41%
Interest already paid$48,924Through Dec 2026
Assumption only · ends Oct 2052$179,989
New conventional · ends Jan 2057$257,926