Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,385/mo
Lowest payment- Down payment
- $34,602
- Funds due
- $46,993
- Interest + MI left
- $153,380
- First ends
- Apr 2052
New loan
New conventional
$3,059/mo
+$674/mo- Down payment
- $33,950
- Funds due
- $43,750
- Interest + MI left
- $463,387
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $304,898 | $305,550 |
| Second mortgage | — | — |
| First P&I | $1,502.55 | $2,115.57 |
| Second P&I | — | — |
| Mortgage insurance | — | $61.11 |
| Taxes, insurance & HOA | $882.00 | $882.00 |
| Total housing payment | $2,384.55 | $3,058.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,602
Closing costs & prepaids$12,391
Usable credit−$0
Total buyer cash needed$46,993
Earnest money paid−$0
Remaining funds due$46,993
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,395.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,524.49
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$2,196.00
Prepaid interest, first (2 days)$57.64
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 3.450%
Interest already paid$50,838Through Nov 2026
Assumption only · ends Apr 2052$153,380
New conventional · ends Dec 2056$463,387