Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,086/mo
Lowest payment- Down payment
- $31,540
- Funds due
- $44,948
- Interest + MI left
- $384,456
- First ends
- Jul 2052
New loan
New conventional
$3,570/mo
+$484/mo- Down payment
- $51,500
- Funds due
- $61,209
- Interest + MI left
- $702,929
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $483,460 | $463,500 |
| Second mortgage | — | — |
| First P&I | $2,817.91 | $3,209.18 |
| Second P&I | — | — |
| Mortgage insurance | — | $92.70 |
| Taxes, insurance & HOA | $268.42 | $268.42 |
| Total housing payment | $3,086.33 | $3,570.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,540
Closing costs & prepaids$13,408
Usable credit−$0
Total buyer cash needed$44,948
Earnest money paid−$0
Remaining funds due$44,948
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,417.30
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$305.25
Prepaid interest, first (1 days)$67.55
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 8 moOf the original 30-year loan at 5.100%
Interest already paid$110,992Through Nov 2026
Assumption only · ends Jul 2052$384,456
New conventional · ends Dec 2056$702,929