Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,771/mo
Lowest payment- Down payment
- $40,103
- Funds due
- $52,466
- Interest + MI left
- $343,712
- First ends
- Oct 2052
New loan
New conventional
$3,198/mo
+$427/mo- Down payment
- $43,900
- Funds due
- $53,057
- Interest + MI left
- $599,196
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $398,897 | $395,100 |
| Second mortgage | — | — |
| First P&I | $2,387.81 | $2,735.59 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.02 |
| Taxes, insurance & HOA | $383.67 | $383.67 |
| Total housing payment | $2,771.48 | $3,198.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,103
Closing costs & prepaids$12,363
Usable credit−$0
Total buyer cash needed$52,466
Earnest money paid−$0
Remaining funds due$52,466
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,994.48
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$701.00
Prepaid interest, first (1 days)$59.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5.410%
Interest already paid$91,139Through Nov 2026
Assumption only · ends Oct 2052$343,712
New conventional · ends Dec 2056$599,196