Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,594/mo
Lowest payment- Down payment
- $35,178
- Funds due
- $44,471
- Interest + MI left
- $179,934
- First ends
- Nov 2052
New loan
New conventional
$1,892/mo
+$298/mo- Down payment
- $23,750
- Funds due
- $31,014
- Interest + MI left
- $324,166
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $202,322 | $213,750 |
| Second mortgage | — | — |
| First P&I | $1,225.18 | $1,479.96 |
| Second P&I | — | — |
| Mortgage insurance | — | $42.75 |
| Taxes, insurance & HOA | $369.25 | $369.25 |
| Total housing payment | $1,594.43 | $1,891.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,178
Closing costs & prepaids$9,293
Usable credit−$0
Total buyer cash needed$44,471
Earnest money paid−$0
Remaining funds due$44,471
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,375.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,011.61
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$657.75
Prepaid interest, first (1 days)$30.71
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 closing26 yrOf the original 30-year loan at 5.540%
Interest already paid$46,300Through Nov 2026
Assumption only · ends Nov 2052$179,934
New conventional · ends Dec 2056$324,166