Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,876/mo
Lowest payment- Down payment
- $19,664
- Funds due
- $29,383
- Interest + MI left
- $229,028
- First ends
- Oct 2052
New loan
New conventional
$1,932/mo
+$56/mo- Down payment
- $24,300
- Funds due
- $31,882
- Interest + MI left
- $316,053
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $223,336 | $218,700 |
| Second mortgage | — | — |
| First P&I | $1,459.24 | $1,471.21 |
| Second P&I | — | — |
| Mortgage insurance | — | $43.74 |
| Taxes, insurance & HOA | $416.58 | $416.58 |
| Total housing payment | $1,875.82 | $1,931.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,664
Closing costs & prepaids$9,718
Usable credit−$0
Total buyer cash needed$29,383
Earnest money paid−$0
Remaining funds due$29,383
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,430.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,116.68
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$619.75
Initial HOA (3 months)$180.00
Prepaid interest, first (4 days)$153.95
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 6.29%
Interest already paid$60,297Through Dec 2026
Assumption only · ends Oct 2052$229,028
New conventional · ends Jan 2057$316,053