Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,041/mo
Lowest payment- Down payment
- $20,850
- Funds due
- $31,434
- Interest + MI left
- $196,139
- First ends
- Oct 2052
New loan
New conventional
$2,243/mo
+$201/mo- Down payment
- $25,490
- Funds due
- $33,899
- Interest + MI left
- $331,530
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $234,050 | $229,410 |
| Second mortgage | — | — |
| First P&I | $1,387.71 | $1,543.26 |
| Second P&I | — | — |
| Mortgage insurance | — | $45.88 |
| Taxes, insurance & HOA | $653.67 | $653.67 |
| Total housing payment | $2,041.37 | $2,242.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,850
Closing costs & prepaids$10,584
Usable credit−$0
Total buyer cash needed$31,434
Earnest money paid−$0
Remaining funds due$31,434
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,549.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,170.25
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$650.00
Initial HOA (3 months)$861.00
Prepaid interest, first (4 days)$135.94
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 5.3%
Interest already paid$53,535Through Dec 2026
Assumption only · ends Oct 2052$196,139
New conventional · ends Jan 2057$331,530