Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,545/mo
Lowest payment- Down payment
- $21,819
- Funds due
- $30,812
- Interest + MI left
- $199,119
- First ends
- Oct 2055
New loan
New conventional
$1,687/mo
+$142/mo- Down payment
- $18,500
- Funds due
- $25,709
- Interest + MI left
- $252,508
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $163,181 | $166,500 |
| Second mortgage | — | — |
| First P&I | $1,044.09 | $1,152.81 |
| Second P&I | — | — |
| Mortgage insurance | — | $33.30 |
| Taxes, insurance & HOA | $500.42 | $500.42 |
| Total housing payment | $1,544.51 | $1,686.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,819
Closing costs & prepaids$8,993
Usable credit−$0
Total buyer cash needed$30,812
Earnest money paid−$0
Remaining funds due$30,812
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$815.91
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$58.25
Initial HOA (3 months)$993.00
Prepaid interest, first (2 days)$58.12
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 yr 11 moOf the original 30-year loan at 6.500%
Interest already paid$11,568Through Nov 2026
Assumption only · ends Oct 2055$199,119
New conventional · ends Dec 2056$252,508