Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,419/mo
+$90/mo- Down payment
- $16,154
- Funds due
- $29,280
- Interest + MI left
- $444,517
- First ends
- Nov 2052
New loan
New conventional
$3,329/mo
Lowest payment- Down payment
- $40,000
- Funds due
- $50,014
- Interest + MI left
- $545,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $383,846 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,655.01 | $2,492.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $764.42 | $764.42 |
| Total housing payment | $3,419.43 | $3,328.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,154
Closing costs & prepaids$13,126
Usable credit−$0
Total buyer cash needed$29,280
Earnest money paid−$0
Remaining funds due$29,280
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,919.23
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,843.25
Prepaid interest, first (2 days)$145.55
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 yrOf the original 30-year loan at 6.920%
Interest already paid$108,975Through Nov 2026
Assumption only · ends Nov 2052$444,517
New conventional · ends Dec 2056$545,964