Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,500/mo
Lowest payment- Down payment
- $11,460
- Funds due
- $20,351
- Interest + MI left
- $118,774
- First ends
- Apr 2049
New loan
New conventional
$1,680/mo
+$180/mo- Down payment
- $21,500
- Funds due
- $28,394
- Interest + MI left
- $293,456
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $203,540 | $193,500 |
| Second mortgage | — | — |
| First P&I | $1,198.19 | $1,339.75 |
| Second P&I | — | — |
| Mortgage insurance | — | $38.70 |
| Taxes, insurance & HOA | $301.75 | $301.75 |
| Total housing payment | $1,499.94 | $1,680.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,460
Closing costs & prepaids$8,891
Usable credit−$0
Total buyer cash needed$20,351
Earnest money paid−$0
Remaining funds due$20,351
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,017.70
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$455.25
Prepaid interest, first (2 days)$49.74
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 closing22 yr 5 moOf the original 30-year loan at 4.460%
Interest already paid$74,985Through Nov 2026
Assumption only · ends Apr 2049$118,774
New conventional · ends Dec 2056$293,456