Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,470/mo
Lowest payment- Down payment
- $25,190
- Funds due
- $33,655
- Interest + MI left
- $219,382
- First ends
- Nov 2053
New loan
New conventional
$1,552/mo
+$82/mo- Down payment
- $20,500
- Funds due
- $27,071
- Interest + MI left
- $279,807
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $179,810 | $184,500 |
| Second mortgage | — | — |
| First P&I | $1,232.07 | $1,277.44 |
| Second P&I | — | — |
| Mortgage insurance | — | $36.90 |
| Taxes, insurance & HOA | $237.75 | $237.75 |
| Total housing payment | $1,469.82 | $1,552.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,190
Closing costs & prepaids$8,465
Usable credit−$0
Total buyer cash needed$33,655
Earnest money paid−$0
Remaining funds due$33,655
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$899.05
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$263.25
Prepaid interest, first (1 days)$34.29
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 closing27 yrOf the original 30-year loan at 6.960%
Interest already paid$38,224Through Nov 2026
Assumption only · ends Nov 2053$219,382
New conventional · ends Dec 2056$279,807