Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,406/mo
+$184/mo- Down payment
- $0
- Funds due
- $8,377
- Interest + MI left
- $131,652
- First ends
- Nov 2052
New loan
New conventional
$1,222/mo
Lowest payment- Down payment
- $11,980
- Funds due
- $18,634
- Interest + MI left
- $157,651
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $159,317 | $107,820 |
| Second mortgage | — | — |
| First P&I | $935.59 | $730.41 |
| Second P&I | — | — |
| Mortgage insurance | — | $21.56 |
| Taxes, insurance & HOA | $469.92 | $469.92 |
| Total housing payment | $1,405.51 | $1,221.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,377
Usable credit−$0
Total buyer cash needed$8,377
Earnest money paid−$0
Remaining funds due$8,377
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,198.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$796.58
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$143.75
Initial HOA (3 months)$816.00
Prepaid interest, first (9 days)$205.06
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 11 moOf the original 30-year loan at 5.22%
Interest already paid$35,160Through Dec 2026
Assumption only · ends Nov 2052$131,652
New conventional · ends Jan 2057$157,651