Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,649/mo
Lowest payment- Down payment
- $45,200
- Funds due
- $57,595
- Interest + MI left
- $299,783
- First ends
- Sep 2052
New loan
New conventional
$3,054/mo
+$405/mo- Down payment
- $40,990
- Funds due
- $50,437
- Interest + MI left
- $533,128
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,700 | $368,910 |
| Second mortgage | — | — |
| First P&I | $2,150.43 | $2,481.68 |
| Second P&I | — | — |
| Mortgage insurance | — | $73.78 |
| Taxes, insurance & HOA | $498.42 | $498.42 |
| Total housing payment | $2,648.85 | $3,053.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,200
Closing costs & prepaids$12,395
Usable credit−$0
Total buyer cash needed$57,595
Earnest money paid−$0
Remaining funds due$57,595
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,823.50
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,045.25
Prepaid interest, first (4 days)$209.03
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 9 moOf the original 30-year loan at 5.23%
Interest already paid$84,070Through Dec 2026
Assumption only · ends Sep 2052$299,783
New conventional · ends Jan 2057$533,128