Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,790/mo
Lowest payment- Down payment
- $11,906
- Funds due
- $21,616
- Interest + MI left
- $185,046
- First ends
- Nov 2052
New loan
New conventional
$1,988/mo
+$199/mo- Down payment
- $23,500
- Funds due
- $31,077
- Interest + MI left
- $320,754
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $223,094 | $211,500 |
| Second mortgage | — | — |
| First P&I | $1,308.14 | $1,464.38 |
| Second P&I | — | — |
| Mortgage insurance | — | $42.30 |
| Taxes, insurance & HOA | $481.50 | $481.50 |
| Total housing payment | $1,789.64 | $1,988.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,906
Closing costs & prepaids$9,710
Usable credit−$0
Total buyer cash needed$21,616
Earnest money paid−$0
Remaining funds due$21,616
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,115.47
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$994.50
Prepaid interest, first (1 days)$31.91
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 yrOf the original 30-year loan at 5.220%
Interest already paid$48,191Through Nov 2026
Assumption only · ends Nov 2052$185,046
New conventional · ends Dec 2056$320,754