Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,722/mo
Lowest payment- Down payment
- $25,022
- Funds due
- $34,572
- Interest + MI left
- $226,194
- First ends
- Feb 2055
New loan
New conventional
$1,790/mo
+$68/mo- Down payment
- $20,000
- Funds due
- $27,699
- Interest + MI left
- $263,190
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $174,978 | $180,000 |
| Second mortgage | — | — |
| First P&I | $1,186.90 | $1,219.38 |
| Second P&I | — | — |
| Mortgage insurance | — | $36.00 |
| Taxes, insurance & HOA | $535.00 | $535.00 |
| Total housing payment | $1,721.90 | $1,790.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,022
Closing costs & prepaids$9,550
Usable credit−$0
Total buyer cash needed$34,572
Earnest money paid−$0
Remaining funds due$34,572
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$874.89
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$240.00
Initial HOA (3 months)$915.00
Prepaid interest, first (9 days)$302.02
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 closing28 yr 2 moOf the original 30-year loan at 7%
Interest already paid$22,690Through Dec 2026
Assumption only · ends Feb 2055$226,194
New conventional · ends Jan 2057$263,190