Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,845/mo
+$278/mo- Down payment
- $0
- Funds due
- $9,327
- Interest + MI left
- $218,824
- First ends
- Aug 2053
New loan
New conventional
$1,566/mo
Lowest payment- Down payment
- $16,000
- Funds due
- $23,356
- Interest + MI left
- $210,552
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $191,583 | $144,000 |
| Second mortgage | — | — |
| First P&I | $1,282.52 | $975.51 |
| Second P&I | — | — |
| Mortgage insurance | — | $28.80 |
| Taxes, insurance & HOA | $562.00 | $562.00 |
| Total housing payment | $1,844.52 | $1,566.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,327
Usable credit−$0
Total buyer cash needed$9,327
Earnest money paid−$0
Remaining funds due$9,327
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$957.91
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)$1,044.00
Prepaid interest, first (9 days)$315.09
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 8 moOf the original 30-year loan at 6.67%
Interest already paid$43,514Through Dec 2026
Assumption only · ends Aug 2053$218,824
New conventional · ends Jan 2057$210,552