Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,088/mo
Lowest payment- Down payment
- $13,087
- Funds due
- $21,383
- Interest + MI left
- $74,796
- First ends
- Dec 2051
New loan
New conventional
$1,397/mo
+$309/mo- Down payment
- $17,500
- Funds due
- $24,101
- Interest + MI left
- $230,291
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $161,913 | $157,500 |
| Second mortgage | — | — |
| First P&I | $789.03 | $1,066.96 |
| Second P&I | — | — |
| Mortgage insurance | — | $31.50 |
| Taxes, insurance & HOA | $298.75 | $298.75 |
| Total housing payment | $1,087.78 | $1,397.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,087
Closing costs & prepaids$8,296
Usable credit−$0
Total buyer cash needed$21,383
Earnest money paid−$0
Remaining funds due$21,383
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$809.57
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$446.25
Prepaid interest, first (5 days)$72.08
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 yrOf the original 30-year loan at 3.25%
Interest already paid$27,955Through Dec 2026
Assumption only · ends Dec 2051$74,796
New conventional · ends Jan 2057$230,291