Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,676/mo
Lowest payment- Down payment
- $24,857
- Funds due
- $34,035
- Interest + MI left
- $227,216
- First ends
- Feb 2055
New loan
New conventional
$1,771/mo
+$95/mo- Down payment
- $20,000
- Funds due
- $27,315
- Interest + MI left
- $272,982
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $175,143 | $180,000 |
| Second mortgage | — | — |
| First P&I | $1,186.90 | $1,246.28 |
| Second P&I | — | — |
| Mortgage insurance | — | $36.00 |
| Taxes, insurance & HOA | $489.00 | $489.00 |
| Total housing payment | $1,675.90 | $1,771.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,857
Closing costs & prepaids$9,178
Usable credit−$0
Total buyer cash needed$34,035
Earnest money paid−$0
Remaining funds due$34,035
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$875.72
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$102.00
Initial HOA (3 months)$915.00
Prepaid interest, first (2 days)$67.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing28 yr 3 moOf the original 30-year loan at 7.000%
Interest already paid$21,668Through Nov 2026
Assumption only · ends Feb 2055$227,216
New conventional · ends Dec 2056$272,982