Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,202/mo
+$473/mo- Down payment
- $0
- Funds due
- $9,723
- Interest + MI left
- $71,218
- First ends
- Apr 2043
New loan
New conventional
$1,728/mo
Lowest payment- Down payment
- $20,000
- Funds due
- $27,513
- Interest + MI left
- $263,190
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $267,583 | $180,000 |
| Second mortgage | — | — |
| First P&I | $1,728.58 | $1,219.38 |
| Second P&I | — | — |
| Mortgage insurance | — | $36.00 |
| Taxes, insurance & HOA | $473.00 | $473.00 |
| Total housing payment | $2,201.58 | $1,728.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,723
Usable credit−$0
Total buyer cash needed$9,723
Earnest money paid−$0
Remaining funds due$9,723
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%)$1,337.91
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$240.00
Initial HOA (3 months)$729.00
Prepaid interest, first (9 days)$197.94
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 closing16 yr 4 moOf the original 30-year loan at 3%
Interest already paid$141,069Through Dec 2026
Assumption only · ends Apr 2043$71,218
New conventional · ends Jan 2057$263,190