Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,248/mo
Lowest payment- Down payment
- $38,576
- Funds due
- $49,385
- Interest + MI left
- $294,748
- First ends
- May 2053
New loan
New conventional
$2,505/mo
+$256/mo- Down payment
- $32,500
- Funds due
- $40,781
- Interest + MI left
- $443,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,424 | $292,500 |
| Second mortgage | — | — |
| First P&I | $1,827.59 | $2,025.21 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.50 |
| Taxes, insurance & HOA | $420.83 | $420.83 |
| Total housing payment | $2,248.42 | $2,504.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,576
Closing costs & prepaids$10,809
Usable credit−$0
Total buyer cash needed$49,385
Earnest money paid−$0
Remaining funds due$49,385
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,432.12
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$812.50
Prepaid interest, first (2 days)$96.52
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 closing26 yr 6 moOf the original 30-year loan at 6.150%
Interest already paid$63,199Through Nov 2026
Assumption only · ends May 2053$294,748
New conventional · ends Dec 2056$443,596