Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,251/mo
Lowest payment- Down payment
- $13,789
- Funds due
- $24,987
- Interest + MI left
- $236,170
- First ends
- Nov 2052
New loan
New conventional
$2,500/mo
+$249/mo- Down payment
- $31,500
- Funds due
- $40,157
- Interest + MI left
- $414,524
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $301,211 | $283,500 |
| Second mortgage | — | — |
| First P&I | $1,727.91 | $1,920.53 |
| Second P&I | — | — |
| Mortgage insurance | — | $56.70 |
| Taxes, insurance & HOA | $522.75 | $522.75 |
| Total housing payment | $2,250.66 | $2,499.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,789
Closing costs & prepaids$11,198
Usable credit−$0
Total buyer cash needed$24,987
Earnest money paid−$0
Remaining funds due$24,987
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,506.05
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,118.25
Prepaid interest, first (5 days)$205.90
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 closing25 yr 11 moOf the original 30-year loan at 4.99%
Interest already paid$63,633Through Dec 2026
Assumption only · ends Nov 2052$236,170
New conventional · ends Jan 2057$414,524