Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,060/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,226
- Interest + MI left
- $192,311
- First ends
- May 2052
New loan
New conventional
$2,090/mo
+$31/mo- Down payment
- $27,900
- Funds due
- $35,341
- Interest + MI left
- $380,810
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $345,690 | $251,100 |
| Second mortgage | — | — |
| First P&I | $1,758.18 | $1,738.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $50.22 |
| Taxes, insurance & HOA | $301.42 | $301.42 |
| Total housing payment | $2,059.59 | $2,090.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,226
Usable credit−$0
Total buyer cash needed$10,226
Earnest money paid−$0
Remaining funds due$10,226
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,728.45
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$454.25
Prepaid interest, first (1 days)$35.61
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 6 moOf the original 30-year loan at 3.760%
Interest already paid$61,456Through Nov 2026
Assumption only · ends May 2052$192,311
New conventional · ends Dec 2056$380,810