Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,509/mo
Lowest payment- Down payment
- $31,795
- Funds due
- $40,821
- Interest + MI left
- $172,190
- First ends
- Nov 2052
New loan
New conventional
$1,780/mo
+$271/mo- Down payment
- $22,500
- Funds due
- $29,554
- Interest + MI left
- $307,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $193,205 | $202,500 |
| Second mortgage | — | — |
| First P&I | $1,171.14 | $1,402.07 |
| Second P&I | — | — |
| Mortgage insurance | — | $40.50 |
| Taxes, insurance & HOA | $337.50 | $337.50 |
| Total housing payment | $1,508.64 | $1,780.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,795
Closing costs & prepaids$9,026
Usable credit−$0
Total buyer cash needed$40,821
Earnest money paid−$0
Remaining funds due$40,821
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$966.02
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$562.50
Prepaid interest, first (1 days)$29.38
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 5.550%
Interest already paid$44,291Through Nov 2026
Assumption only · ends Nov 2052$172,190
New conventional · ends Dec 2056$307,105