Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,589/mo
Lowest payment- Down payment
- $40,535
- Funds due
- $52,821
- Interest + MI left
- $284,775
- First ends
- Jul 2052
New loan
New conventional
$3,001/mo
+$412/mo- Down payment
- $40,000
- Funds due
- $49,399
- Interest + MI left
- $526,380
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $359,465 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,098.50 | $2,438.77 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $490.00 | $490.00 |
| Total housing payment | $2,588.50 | $3,000.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,535
Closing costs & prepaids$12,286
Usable credit−$0
Total buyer cash needed$52,821
Earnest money paid−$0
Remaining funds due$52,821
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,797.33
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,020.00
Prepaid interest, first (5 days)$251.13
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 7 moOf the original 30-year loan at 5.1%
Interest already paid$84,186Through Dec 2026
Assumption only · ends Jul 2052$284,775
New conventional · ends Jan 2057$526,380