Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,741/mo
Lowest payment- Down payment
- $25,242
- Funds due
- $34,729
- Interest + MI left
- $224,866
- First ends
- May 2053
New loan
New conventional
$1,860/mo
+$120/mo- Down payment
- $24,000
- Funds due
- $31,409
- Interest + MI left
- $315,828
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $214,758 | $216,000 |
| Second mortgage | — | — |
| First P&I | $1,386.83 | $1,463.26 |
| Second P&I | — | — |
| Mortgage insurance | — | $43.20 |
| Taxes, insurance & HOA | $354.00 | $354.00 |
| Total housing payment | $1,740.83 | $1,860.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,242
Closing costs & prepaids$9,488
Usable credit−$0
Total buyer cash needed$34,729
Earnest money paid−$0
Remaining funds due$34,729
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,073.79
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$612.00
Prepaid interest, first (5 days)$184.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6.26%
Interest already paid$49,392Through Dec 2026
Assumption only · ends May 2053$224,866
New conventional · ends Jan 2057$315,828