Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,330/mo
Lowest payment- Down payment
- $16,474
- Funds due
- $24,912
- Interest + MI left
- $160,538
- First ends
- Jul 2056
New loan
New conventional
$1,448/mo
+$118/mo- Down payment
- $14,500
- Funds due
- $21,361
- Interest + MI left
- $197,912
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $128,526 | $130,500 |
| Second mortgage | — | — |
| First P&I | $811.98 | $903.56 |
| Second P&I | — | — |
| Mortgage insurance | — | $26.10 |
| Taxes, insurance & HOA | $518.33 | $518.33 |
| Total housing payment | $1,330.31 | $1,447.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,474
Closing costs & prepaids$8,438
Usable credit−$0
Total buyer cash needed$24,912
Earnest money paid−$0
Remaining funds due$24,912
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$642.63
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$205.00
Initial HOA (3 months)$900.00
Prepaid interest, first (1 days)$22.75
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 closing29 yr 8 moOf the original 30-year loan at 6.460%
Interest already paid$2,774Through Nov 2026
Assumption only · ends Jul 2056$160,538
New conventional · ends Dec 2056$197,912