Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,161/mo
Lowest payment- Down payment
- $39,703
- Funds due
- $50,852
- Interest + MI left
- $235,375
- First ends
- Nov 2052
New loan
New conventional
$2,558/mo
+$397/mo- Down payment
- $33,990
- Funds due
- $42,579
- Interest + MI left
- $442,084
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $300,197 | $305,910 |
| Second mortgage | — | — |
| First P&I | $1,722.09 | $2,057.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.18 |
| Taxes, insurance & HOA | $438.92 | $438.92 |
| Total housing payment | $2,161.01 | $2,557.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,703
Closing costs & prepaids$11,149
Usable credit−$0
Total buyer cash needed$50,852
Earnest money paid−$0
Remaining funds due$50,852
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,500.98
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$866.75
Prepaid interest, first (4 days)$164.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing25 yr 11 moOf the original 30-year loan at 4.99%
Interest already paid$63,419Through Dec 2026
Assumption only · ends Nov 2052$235,375
New conventional · ends Jan 2057$442,084