Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,085/mo
Lowest payment- Down payment
- $23,265
- Funds due
- $31,530
- Interest + MI left
- $84,816
- First ends
- May 2052
New loan
New conventional
$1,447/mo
+$362/mo- Down payment
- $17,900
- Funds due
- $24,449
- Interest + MI left
- $244,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $155,735 | $161,100 |
| Second mortgage | — | — |
| First P&I | $786.12 | $1,115.42 |
| Second P&I | — | — |
| Mortgage insurance | — | $32.22 |
| Taxes, insurance & HOA | $299.17 | $299.17 |
| Total housing payment | $1,085.28 | $1,446.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,265
Closing costs & prepaids$8,266
Usable credit−$0
Total buyer cash needed$31,530
Earnest money paid−$0
Remaining funds due$31,530
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$778.68
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$447.50
Prepaid interest, first (2 days)$31.49
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 6 moOf the original 30-year loan at 3.690%
Interest already paid$27,186Through Nov 2026
Assumption only · ends May 2052$84,816
New conventional · ends Dec 2056$244,319