Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,097/mo
Lowest payment- Down payment
- $0
- Funds due
- $8,167
- Interest + MI left
- $56,774
- First ends
- Sep 2051
New loan
New conventional
$1,247/mo
+$150/mo- Down payment
- $13,000
- Funds due
- $19,645
- Interest + MI left
- $171,073
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $141,019 | $117,000 |
| Second mortgage | — | — |
| First P&I | $665.97 | $792.60 |
| Second P&I | — | — |
| Mortgage insurance | — | $23.40 |
| Taxes, insurance & HOA | $431.00 | $431.00 |
| Total housing payment | $1,096.97 | $1,247.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$8,167
Usable credit−$0
Total buyer cash needed$8,167
Earnest money paid−$0
Remaining funds due$8,167
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%)$705.09
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$156.00
Initial HOA (3 months)$687.00
Prepaid interest, first (9 days)$100.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 2.9%
Interest already paid$22,975Through Dec 2026
Assumption only · ends Sep 2051$56,774
New conventional · ends Jan 2057$171,073