Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,646/mo
Lowest payment- Down payment
- $0
- Funds due
- $9,248
- Interest + MI left
- $147,728
- First ends
- Oct 2052
New loan
New conventional
$1,651/mo
+$4/mo- Down payment
- $16,300
- Funds due
- $23,769
- Interest + MI left
- $214,500
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $168,079 | $146,700 |
| Second mortgage | — | — |
| First P&I | $1,018.73 | $993.80 |
| Second P&I | — | — |
| Mortgage insurance | — | $29.34 |
| Taxes, insurance & HOA | $627.58 | $627.58 |
| Total housing payment | $1,646.32 | $1,650.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,248
Usable credit−$0
Total buyer cash needed$9,248
Earnest money paid−$0
Remaining funds due$9,248
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,630.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$840.39
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$415.75
Initial HOA (3 months)$1,017.00
Prepaid interest, first (5 days)$127.10
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 closing25 yr 10 moOf the original 30-year loan at 5.52%
Interest already paid$39,990Through Dec 2026
Assumption only · ends Oct 2052$147,728
New conventional · ends Jan 2057$214,500