Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,296/mo
Lowest payment- Down payment
- $6,447
- Funds due
- $15,390
- Interest + MI left
- $66,780
- First ends
- Jan 2052
New loan
New conventional
$1,568/mo
+$272/mo- Down payment
- $15,990
- Funds due
- $23,351
- Interest + MI left
- $210,420
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $153,453 | $143,910 |
| Second mortgage | — | — |
| First P&I | $731.67 | $974.90 |
| Second P&I | — | — |
| Mortgage insurance | — | $28.78 |
| Taxes, insurance & HOA | $564.00 | $564.00 |
| Total housing payment | $1,295.67 | $1,567.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,447
Closing costs & prepaids$8,942
Usable credit−$0
Total buyer cash needed$15,390
Earnest money paid−$0
Remaining funds due$15,390
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$767.26
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$192.00
Initial HOA (3 months)$1,050.00
Prepaid interest, first (9 days)$116.16
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 1 moOf the original 30-year loan at 3.07%
Interest already paid$24,621Through Dec 2026
Assumption only · ends Jan 2052$66,780
New conventional · ends Jan 2057$210,420