Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,985/mo
Lowest payment- Down payment
- $14,771
- Funds due
- $28,196
- Interest + MI left
- $314,289
- First ends
- Jul 2052
New loan
New conventional
$3,445/mo
+$460/mo- Down payment
- $45,250
- Funds due
- $55,294
- Interest + MI left
- $617,622
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $437,729 | $407,250 |
| Second mortgage | — | — |
| First P&I | $2,441.62 | $2,819.72 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.45 |
| Taxes, insurance & HOA | $543.75 | $543.75 |
| Total housing payment | $2,985.37 | $3,444.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,771
Closing costs & prepaids$13,425
Usable credit−$0
Total buyer cash needed$28,196
Earnest money paid−$0
Remaining funds due$28,196
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,525.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,188.64
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,131.25
Prepaid interest, first (2 days)$112.01
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 8 moOf the original 30-year loan at 4.670%
Interest already paid$92,277Through Nov 2026
Assumption only · ends Jul 2052$314,289
New conventional · ends Dec 2056$617,622