Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,916/mo
+$328/mo- Down payment
- $0
- Funds due
- $9,482
- Interest + MI left
- $269,793
- First ends
- Jan 2056
New loan
New conventional
$1,588/mo
Lowest payment- Down payment
- $17,500
- Funds due
- $24,799
- Interest + MI left
- $230,291
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $227,984 | $157,500 |
| Second mortgage | — | — |
| First P&I | $1,426.29 | $1,066.96 |
| Second P&I | — | — |
| Mortgage insurance | — | $31.50 |
| Taxes, insurance & HOA | $490.00 | $490.00 |
| Total housing payment | $1,916.29 | $1,588.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,482
Usable credit−$0
Total buyer cash needed$9,482
Earnest money paid−$0
Remaining funds due$9,482
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,139.92
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$210.00
Initial HOA (3 months)$810.00
Prepaid interest, first (9 days)$354.16
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 closing29 yr 1 moOf the original 30-year loan at 6.3%
Interest already paid$13,244Through Dec 2026
Assumption only · ends Jan 2056$269,793
New conventional · ends Jan 2057$230,291