Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,251/mo
Lowest payment- Down payment
- $17,432
- Funds due
- $28,900
- Interest + MI left
- $179,361
- First ends
- Jun 2052
New loan
New conventional
$2,679/mo
+$428/mo- Down payment
- $30,300
- Funds due
- $39,267
- Interest + MI left
- $413,568
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $285,568 | $272,700 |
| Second mortgage | — | — |
| First P&I | $1,514.43 | $1,888.12 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.54 |
| Taxes, insurance & HOA | $736.58 | $736.58 |
| Total housing payment | $2,251.01 | $2,679.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,432
Closing costs & prepaids$11,468
Usable credit−$0
Total buyer cash needed$28,900
Earnest money paid−$0
Remaining funds due$28,900
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,030.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,427.84
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,759.75
Prepaid interest, first (1 days)$32.63
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 closing25 yr 7 moOf the original 30-year loan at 4.170%
Interest already paid$55,033Through Nov 2026
Assumption only · ends Jun 2052$179,361
New conventional · ends Dec 2056$413,568