Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,276/mo
Lowest payment- Down payment
- $6,109
- Funds due
- $14,904
- Interest + MI left
- $67,173
- First ends
- Jan 2052
New loan
New conventional
$1,570/mo
+$294/mo- Down payment
- $15,990
- Funds due
- $23,095
- Interest + MI left
- $218,249
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $153,791 | $143,910 |
| Second mortgage | — | — |
| First P&I | $731.67 | $996.40 |
| Second P&I | — | — |
| Mortgage insurance | — | $28.78 |
| Taxes, insurance & HOA | $544.33 | $544.33 |
| Total housing payment | $1,276.00 | $1,569.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,109
Closing costs & prepaids$8,795
Usable credit−$0
Total buyer cash needed$14,904
Earnest money paid−$0
Remaining funds due$14,904
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$768.95
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$133.00
Initial HOA (3 months)$1,050.00
Prepaid interest, first (2 days)$25.87
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 closing25 yr 2 moOf the original 30-year loan at 3.070%
Interest already paid$24,228Through Nov 2026
Assumption only · ends Jan 2052$67,173
New conventional · ends Dec 2056$218,249