Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,344/mo
Lowest payment- Down payment
- $29,254
- Funds due
- $40,446
- Interest + MI left
- $284,240
- First ends
- Sep 2052
New loan
New conventional
$2,537/mo
+$193/mo- Down payment
- $33,490
- Funds due
- $42,080
- Interest + MI left
- $440,711
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $305,646 | $301,410 |
| Second mortgage | — | — |
| First P&I | $1,909.02 | $2,041.86 |
| Second P&I | — | — |
| Mortgage insurance | — | $60.28 |
| Taxes, insurance & HOA | $434.67 | $434.67 |
| Total housing payment | $2,343.68 | $2,536.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,254
Closing costs & prepaids$11,192
Usable credit−$0
Total buyer cash needed$40,446
Earnest money paid−$0
Remaining funds due$40,446
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,528.23
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$854.00
Prepaid interest, first (5 days)$243.26
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 5.81%
Interest already paid$78,006Through Dec 2026
Assumption only · ends Sep 2052$284,240
New conventional · ends Jan 2057$440,711