Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,630/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,613
- Interest + MI left
- $115,065
- First ends
- Jun 2052
New loan
New conventional
$1,772/mo
+$143/mo- Down payment
- $24,300
- Funds due
- $31,462
- Interest + MI left
- $319,776
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $308,004 | $218,700 |
| Second mortgage | — | — |
| First P&I | $1,382.58 | $1,481.55 |
| Second P&I | — | — |
| Mortgage insurance | — | $43.74 |
| Taxes, insurance & HOA | $247.17 | $247.17 |
| Total housing payment | $1,629.75 | $1,772.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,613
Usable credit−$0
Total buyer cash needed$9,613
Earnest money paid−$0
Remaining funds due$9,613
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,430.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,540.02
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$291.50
Prepaid interest, first (6 days)$133.16
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 6 moOf the original 30-year loan at 2.63%
Interest already paid$38,664Through Dec 2026
Assumption only · ends Jun 2052$115,065
New conventional · ends Jan 2057$319,776