Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,401/mo
+$700/mo- Down payment
- $0
- Funds due
- $7,429
- Interest + MI left
- $117,786
- First ends
- Apr 2052
New loan
New conventional
$700/mo
Lowest payment- Down payment
- $6,700
- Funds due
- $12,115
- Interest + MI left
- $91,449
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $226,743 | $60,300 |
| Second mortgage | — | — |
| First P&I | $1,129.60 | $417.51 |
| Second P&I | — | — |
| Mortgage insurance | — | $12.06 |
| Taxes, insurance & HOA | $270.92 | $270.92 |
| Total housing payment | $1,400.52 | $700.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$7,429
Usable credit−$0
Total buyer cash needed$7,429
Earnest money paid−$0
Remaining funds due$7,429
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$670.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,133.71
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$362.75
Prepaid interest, first (2 days)$44.11
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 5 moOf the original 30-year loan at 3.550%
Interest already paid$38,871Through Nov 2026
Assumption only · ends Apr 2052$117,786
New conventional · ends Dec 2056$91,449