Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,792/mo
+$88/mo- Down payment
- $0
- Funds due
- $9,523
- Interest + MI left
- $192,903
- First ends
- Sep 2052
New loan
New conventional
$1,704/mo
Lowest payment- Down payment
- $19,900
- Funds due
- $27,347
- Interest + MI left
- $261,874
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $220,309 | $179,100 |
| Second mortgage | — | — |
| First P&I | $1,337.25 | $1,213.29 |
| Second P&I | — | — |
| Mortgage insurance | — | $35.82 |
| Taxes, insurance & HOA | $454.58 | $454.58 |
| Total housing payment | $1,791.84 | $1,703.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,523
Usable credit−$0
Total buyer cash needed$9,523
Earnest money paid−$0
Remaining funds due$9,523
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,101.54
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$238.75
Initial HOA (3 months)$675.00
Prepaid interest, first (9 days)$299.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 5.52%
Interest already paid$53,509Through Dec 2026
Assumption only · ends Sep 2052$192,903
New conventional · ends Jan 2057$261,874