Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,531/mo
Lowest payment- Down payment
- $14,258
- Funds due
- $22,937
- Interest + MI left
- $224,912
- First ends
- Nov 2054
New loan
New conventional
$1,584/mo
+$53/mo- Down payment
- $19,800
- Funds due
- $26,574
- Interest + MI left
- $270,252
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $183,742 | $178,200 |
| Second mortgage | — | — |
| First P&I | $1,216.23 | $1,233.82 |
| Second P&I | — | — |
| Mortgage insurance | — | $35.64 |
| Taxes, insurance & HOA | $315.00 | $315.00 |
| Total housing payment | $1,531.23 | $1,584.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,258
Closing costs & prepaids$8,679
Usable credit−$0
Total buyer cash needed$22,937
Earnest money paid−$0
Remaining funds due$22,937
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$918.71
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$495.00
Prepaid interest, first (2 days)$67.76
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 closing28 yrOf the original 30-year loan at 6.730%
Interest already paid$25,030Through Nov 2026
Assumption only · ends Nov 2054$224,912
New conventional · ends Dec 2056$270,252