Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$775/mo
Lowest payment- Down payment
- $0
- Funds due
- $7,139
- Interest + MI left
- $67,605
- First ends
- Apr 2056
New loan
New conventional
$863/mo
+$88/mo- Down payment
- $10,000
- Funds due
- $15,669
- Interest + MI left
- $131,595
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $122,354 | $90,000 |
| Second mortgage | — | — |
| First P&I | $539.66 | $609.69 |
| Second P&I | — | — |
| Mortgage insurance | — | $18.00 |
| Taxes, insurance & HOA | $235.00 | $235.00 |
| Total housing payment | $774.66 | $862.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,139
Usable credit−$0
Total buyer cash needed$7,139
Earnest money paid−$0
Remaining funds due$7,139
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$611.77
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$255.00
Prepaid interest, first (5 days)$54.47
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 closing29 yr 4 moOf the original 30-year loan at 3.25%
Interest already paid$2,671Through Dec 2026
Assumption only · ends Apr 2056$67,605
New conventional · ends Jan 2057$131,595