Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,998/mo
Lowest payment- Down payment
- $0
- Funds due
- $10,552
- Interest + MI left
- $161,756
- First ends
- Apr 2052
New loan
New conventional
$2,252/mo
+$254/mo- Down payment
- $30,000
- Funds due
- $37,771
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $347,354 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,669.21 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $328.75 | $328.75 |
| Total housing payment | $1,997.96 | $2,252.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,552
Usable credit−$0
Total buyer cash needed$10,552
Earnest money paid−$0
Remaining funds due$10,552
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,736.77
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$536.25
Prepaid interest, first (2 days)$61.29
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 5 moOf the original 30-year loan at 3.220%
Interest already paid$54,160Through Nov 2026
Assumption only · ends Apr 2052$161,756
New conventional · ends Dec 2056$409,473