Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,863/mo
Lowest payment- Down payment
- $32,548
- Funds due
- $45,280
- Interest + MI left
- $336,700
- First ends
- Oct 2052
New loan
New conventional
$3,291/mo
+$428/mo- Down payment
- $44,000
- Funds due
- $53,506
- Interest + MI left
- $600,561
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $407,452 | $396,000 |
| Second mortgage | — | — |
| First P&I | $2,392.77 | $2,741.82 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.20 |
| Taxes, insurance & HOA | $470.25 | $470.25 |
| Total housing payment | $2,863.02 | $3,291.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,548
Closing costs & prepaids$12,733
Usable credit−$0
Total buyer cash needed$45,280
Earnest money paid−$0
Remaining funds due$45,280
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,037.26
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$960.75
Prepaid interest, first (2 days)$116.54
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 5.220%
Interest already paid$89,923Through Nov 2026
Assumption only · ends Oct 2052$336,700
New conventional · ends Dec 2056$600,561