Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,434/mo
Lowest payment- Down payment
- $11,902
- Funds due
- $20,767
- Interest + MI left
- $118,018
- First ends
- Apr 2049
New loan
New conventional
$1,586/mo
+$151/mo- Down payment
- $21,500
- Funds due
- $28,461
- Interest + MI left
- $282,929
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $203,098 | $193,500 |
| Second mortgage | — | — |
| First P&I | $1,198.19 | $1,310.84 |
| Second P&I | — | — |
| Mortgage insurance | — | $38.70 |
| Taxes, insurance & HOA | $236.00 | $236.00 |
| Total housing payment | $1,434.19 | $1,585.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,902
Closing costs & prepaids$8,865
Usable credit−$0
Total buyer cash needed$20,767
Earnest money paid−$0
Remaining funds due$20,767
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%)$1,015.49
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$258.00
Prepaid interest, first (9 days)$223.35
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4 moOf the original 30-year loan at 4.46%
Interest already paid$75,742Through Dec 2026
Assumption only · ends Apr 2049$118,018
New conventional · ends Jan 2057$282,929