Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,081/mo
Lowest payment- Down payment
- $0
- Funds due
- $8,030
- Interest + MI left
- $57,115
- First ends
- Sep 2051
New loan
New conventional
$1,248/mo
+$168/mo- Down payment
- $13,000
- Funds due
- $19,413
- Interest + MI left
- $177,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $141,343 | $117,000 |
| Second mortgage | — | — |
| First P&I | $665.97 | $810.08 |
| Second P&I | — | — |
| Mortgage insurance | — | $23.40 |
| Taxes, insurance & HOA | $414.67 | $414.67 |
| Total housing payment | $1,080.63 | $1,248.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,030
Usable credit−$0
Total buyer cash needed$8,030
Earnest money paid−$0
Remaining funds due$8,030
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$706.71
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$107.00
Initial HOA (3 months)$687.00
Prepaid interest, first (1 days)$11.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing24 yr 10 moOf the original 30-year loan at 2.900%
Interest already paid$22,633Through Nov 2026
Assumption only · ends Sep 2051$57,115
New conventional · ends Dec 2056$177,438