Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,673/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,907
- Interest + MI left
- $65,736
- First ends
- May 2051
New loan
New conventional
$1,877/mo
+$204/mo- Down payment
- $15,500
- Funds due
- $23,747
- Interest + MI left
- $203,972
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $159,645 | $139,500 |
| Second mortgage | — | — |
| First P&I | $769.22 | $945.02 |
| Second P&I | — | — |
| Mortgage insurance | — | $27.90 |
| Taxes, insurance & HOA | $904.00 | $904.00 |
| Total housing payment | $1,673.22 | $1,876.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,907
Usable credit−$0
Total buyer cash needed$9,907
Earnest money paid−$0
Remaining funds due$9,907
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$798.22
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$186.00
Initial HOA (3 months)$2,076.00
Prepaid interest, first (6 days)$78.73
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 closing24 yr 5 moOf the original 30-year loan at 3%
Interest already paid$28,732Through Dec 2026
Assumption only · ends May 2051$65,736
New conventional · ends Jan 2057$203,972