Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,874/mo
Lowest payment- Down payment
- $37,952
- Funds due
- $48,091
- Interest + MI left
- $207,501
- First ends
- Sep 2052
New loan
New conventional
$2,251/mo
+$377/mo- Down payment
- $29,000
- Funds due
- $36,813
- Interest + MI left
- $395,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $252,048 | $261,000 |
| Second mortgage | — | — |
| First P&I | $1,482.41 | $1,807.11 |
| Second P&I | — | — |
| Mortgage insurance | — | $52.20 |
| Taxes, insurance & HOA | $391.67 | $391.67 |
| Total housing payment | $1,874.08 | $2,250.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,952
Closing costs & prepaids$10,139
Usable credit−$0
Total buyer cash needed$48,091
Earnest money paid−$0
Remaining funds due$48,091
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,260.24
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$725.00
Prepaid interest, first (1 days)$36.05
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 5.220%
Interest already paid$56,809Through Nov 2026
Assumption only · ends Sep 2052$207,501
New conventional · ends Dec 2056$395,824