Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,560/mo
Lowest payment- Down payment
- $27,179
- Funds due
- $39,268
- Interest + MI left
- $285,620
- First ends
- Sep 2052
New loan
New conventional
$2,894/mo
+$334/mo- Down payment
- $38,500
- Funds due
- $47,713
- Interest + MI left
- $506,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $357,821 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,082.33 | $2,347.31 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.30 |
| Taxes, insurance & HOA | $477.25 | $477.25 |
| Total housing payment | $2,559.58 | $2,893.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,179
Closing costs & prepaids$12,089
Usable credit−$0
Total buyer cash needed$39,268
Earnest money paid−$0
Remaining funds due$39,268
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,789.11
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$981.75
Prepaid interest, first (5 days)$249.98
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 9 moOf the original 30-year loan at 5.1%
Interest already paid$80,498Through Dec 2026
Assumption only · ends Sep 2052$285,620
New conventional · ends Jan 2057$506,640