Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,969/mo
Lowest payment- Down payment
- $21,029
- Funds due
- $33,671
- Interest + MI left
- $362,261
- First ends
- Oct 2052
New loan
New conventional
$3,246/mo
+$277/mo- Down payment
- $42,990
- Funds due
- $52,382
- Interest + MI left
- $586,775
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $408,871 | $386,910 |
| Second mortgage | — | — |
| First P&I | $2,479.53 | $2,678.89 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.38 |
| Taxes, insurance & HOA | $489.83 | $489.83 |
| Total housing payment | $2,969.36 | $3,246.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,029
Closing costs & prepaids$12,643
Usable credit−$0
Total buyer cash needed$33,671
Earnest money paid−$0
Remaining funds due$33,671
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,044.36
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,019.50
Prepaid interest, first (1 days)$62.06
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 5.540%
Interest already paid$95,593Through Nov 2026
Assumption only · ends Oct 2052$362,261
New conventional · ends Dec 2056$586,775