Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,639/mo
Lowest payment- Down payment
- $33,800
- Funds due
- $46,104
- Interest + MI left
- $299,783
- First ends
- Sep 2052
New loan
New conventional
$2,990/mo
+$351/mo- Down payment
- $39,850
- Funds due
- $49,231
- Interest + MI left
- $524,406
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,700 | $358,650 |
| Second mortgage | — | — |
| First P&I | $2,150.43 | $2,429.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.73 |
| Taxes, insurance & HOA | $488.75 | $488.75 |
| Total housing payment | $2,639.18 | $2,990.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,800
Closing costs & prepaids$12,304
Usable credit−$0
Total buyer cash needed$46,104
Earnest money paid−$0
Remaining funds due$46,104
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,985.00
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)$1,016.25
Prepaid interest, first (5 days)$261.29
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 5.23%
Interest already paid$84,070Through Dec 2026
Assumption only · ends Sep 2052$299,783
New conventional · ends Jan 2057$524,406