Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$925/mo
+$12/mo- Down payment
- $0
- Funds due
- $7,232
- Interest + MI left
- $64,579
- First ends
- Jul 2049
New loan
New conventional
$913/mo
Lowest payment- Down payment
- $10,700
- Funds due
- $16,455
- Interest + MI left
- $140,807
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $120,711 | $96,300 |
| Second mortgage | — | — |
| First P&I | $683.73 | $652.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $19.26 |
| Taxes, insurance & HOA | $240.92 | $240.92 |
| Total housing payment | $924.64 | $912.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,232
Usable credit−$0
Total buyer cash needed$7,232
Earnest money paid−$0
Remaining funds due$7,232
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,070.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$603.55
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$272.75
Prepaid interest, first (5 days)$67.80
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 7 moOf the original 30-year loan at 4.1%
Interest already paid$40,062Through Dec 2026
Assumption only · ends Jul 2049$64,579
New conventional · ends Jan 2057$140,807