Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,571/mo
Lowest payment- Down payment
- $20,005
- Funds due
- $28,960
- Interest + MI left
- $183,520
- First ends
- Apr 2053
New loan
New conventional
$1,680/mo
+$109/mo- Down payment
- $19,200
- Funds due
- $26,320
- Interest + MI left
- $262,063
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $171,995 | $172,800 |
| Second mortgage | — | — |
| First P&I | $1,121.50 | $1,196.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $34.56 |
| Taxes, insurance & HOA | $449.08 | $449.08 |
| Total housing payment | $1,570.58 | $1,680.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,005
Closing costs & prepaids$8,955
Usable credit−$0
Total buyer cash needed$28,960
Earnest money paid−$0
Remaining funds due$28,960
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,920.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$859.97
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$897.25
Prepaid interest, first (2 days)$59.94
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 closing26 yr 5 moOf the original 30-year loan at 6.360%
Interest already paid$40,171Through Nov 2026
Assumption only · ends Apr 2053$183,520
New conventional · ends Dec 2056$262,063