Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,121/mo
Lowest payment- Down payment
- $0
- Funds due
- $7,771
- Interest + MI left
- $60,753
- First ends
- Jul 2048
New loan
New conventional
$1,126/mo
+$5/mo- Down payment
- $9,990
- Funds due
- $16,356
- Interest + MI left
- $136,355
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $104,470 | $89,910 |
| Second mortgage | — | — |
| First P&I | $635.47 | $622.52 |
| Second P&I | — | — |
| Mortgage insurance | — | $17.98 |
| Taxes, insurance & HOA | $485.17 | $485.17 |
| Total housing payment | $1,120.64 | $1,125.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,771
Usable credit−$0
Total buyer cash needed$7,771
Earnest money paid−$0
Remaining funds due$7,771
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$522.35
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$318.50
Initial HOA (3 months)$687.00
Prepaid interest, first (2 days)$26.33
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 closing21 yr 8 moOf the original 30-year loan at 4.600%
Interest already paid$44,057Through Nov 2026
Assumption only · ends Jul 2048$60,753
New conventional · ends Dec 2056$136,355