Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,503/mo
Lowest payment- Down payment
- $16,629
- Funds due
- $25,275
- Interest + MI left
- $197,708
- First ends
- Jul 2053
New loan
New conventional
$1,590/mo
+$88/mo- Down payment
- $19,883
- Funds due
- $26,631
- Interest + MI left
- $271,384
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $182,200 | $178,946 |
| Second mortgage | — | — |
| First P&I | $1,187.21 | $1,238.99 |
| Second P&I | — | — |
| Mortgage insurance | — | $35.79 |
| Taxes, insurance & HOA | $315.67 | $315.67 |
| Total housing payment | $1,502.88 | $1,590.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,629
Closing costs & prepaids$8,646
Usable credit−$0
Total buyer cash needed$25,275
Earnest money paid−$0
Remaining funds due$25,275
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,988.29
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$911.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$497.00
Prepaid interest, first (1 days)$31.90
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 closing26 yr 8 moOf the original 30-year loan at 6.390%
Interest already paid$39,689Through Nov 2026
Assumption only · ends Jul 2053$197,708
New conventional · ends Dec 2056$271,384