Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,695/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,862
- Interest + MI left
- $105,389
- First ends
- Jan 2052
New loan
New conventional
$1,882/mo
+$187/mo- Down payment
- $21,800
- Funds due
- $29,508
- Interest + MI left
- $286,877
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $250,296 | $196,200 |
| Second mortgage | — | — |
| First P&I | $1,181.68 | $1,329.13 |
| Second P&I | — | — |
| Mortgage insurance | — | $39.24 |
| Taxes, insurance & HOA | $513.17 | $513.17 |
| Total housing payment | $1,694.85 | $1,881.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,862
Usable credit−$0
Total buyer cash needed$9,862
Earnest money paid−$0
Remaining funds due$9,862
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,180.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,251.48
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$261.50
Initial HOA (3 months)$828.00
Prepaid interest, first (6 days)$122.61
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 1 moOf the original 30-year loan at 2.98%
Interest already paid$39,015Through Dec 2026
Assumption only · ends Jan 2052$105,389
New conventional · ends Jan 2057$286,877