Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$702/mo
Lowest payment- Down payment
- $14,131
- Funds due
- $21,255
- Interest + MI left
- $36,985
- First ends
- Apr 2051
New loan
New conventional
$969/mo
+$267/mo- Down payment
- $11,500
- Funds due
- $17,225
- Interest + MI left
- $156,965
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $100,869 | $103,500 |
| Second mortgage | — | — |
| First P&I | $470.49 | $716.61 |
| Second P&I | — | — |
| Mortgage insurance | — | $20.70 |
| Taxes, insurance & HOA | $231.50 | $231.50 |
| Total housing payment | $701.99 | $968.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,131
Closing costs & prepaids$7,124
Usable credit−$0
Total buyer cash needed$21,255
Earnest money paid−$0
Remaining funds due$21,255
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$504.35
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$244.50
Prepaid interest, first (1 days)$7.46
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 2.700%
Interest already paid$16,392Through Nov 2026
Assumption only · ends Apr 2051$36,985
New conventional · ends Dec 2056$156,965