Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,406/mo
+$934/mo- Down payment
- $0
- Funds due
- $11,788
- Interest + MI left
- $425,334
- First ends
- Sep 2052
New loan
New conventional
$2,472/mo
Lowest payment- Down payment
- $29,900
- Funds due
- $38,286
- Interest + MI left
- $408,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $458,420 | $269,100 |
| Second mortgage | — | — |
| First P&I | $2,850.82 | $1,863.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.82 |
| Taxes, insurance & HOA | $555.17 | $555.17 |
| Total housing payment | $3,405.99 | $2,472.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,788
Usable credit−$0
Total buyer cash needed$11,788
Earnest money paid−$0
Remaining funds due$11,788
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,292.10
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,215.50
Prepaid interest, first (1 days)$72.59
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 10 moOf the original 30-year loan at 5.780%
Interest already paid$114,041Through Nov 2026
Assumption only · ends Sep 2052$425,334
New conventional · ends Dec 2056$408,108