Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,021/mo
Lowest payment- Down payment
- $46,242
- Funds due
- $58,902
- Interest + MI left
- $404,010
- First ends
- Dec 2052
New loan
New conventional
$3,277/mo
+$256/mo- Down payment
- $43,500
- Funds due
- $53,012
- Interest + MI left
- $593,735
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $388,757 | $391,499 |
| Second mortgage | — | — |
| First P&I | $2,532.80 | $2,710.66 |
| Second P&I | — | — |
| Mortgage insurance | — | $78.30 |
| Taxes, insurance & HOA | $487.92 | $487.92 |
| Total housing payment | $3,020.72 | $3,276.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,242
Closing costs & prepaids$12,660
Usable credit−$0
Total buyer cash needed$58,902
Earnest money paid−$0
Remaining funds due$58,902
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,349.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,943.78
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,013.75
Prepaid interest, first (2 days)$134.20
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 1 moOf the original 27-year loan at 6.300%
Interest already paid$22,617Through Nov 2026
Assumption only · ends Dec 2052$404,010
New conventional · ends Dec 2056$593,735