Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,108/mo
+$170/mo- Down payment
- $0
- Funds due
- $7,470
- Interest + MI left
- $145,761
- First ends
- May 2053
New loan
New conventional
$938/mo
Lowest payment- Down payment
- $11,800
- Funds due
- $17,617
- Interest + MI left
- $155,282
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $143,004 | $106,200 |
| Second mortgage | — | — |
| First P&I | $910.93 | $719.44 |
| Second P&I | — | — |
| Mortgage insurance | — | $21.24 |
| Taxes, insurance & HOA | $197.17 | $197.17 |
| Total housing payment | $1,108.10 | $937.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,470
Usable credit−$0
Total buyer cash needed$7,470
Earnest money paid−$0
Remaining funds due$7,470
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,180.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$715.02
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$141.50
Prepaid interest, first (9 days)$215.80
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 closing26 yr 5 moOf the original 30-year loan at 6.12%
Interest already paid$32,174Through Dec 2026
Assumption only · ends May 2053$145,761
New conventional · ends Jan 2057$155,282