Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,168/mo
Lowest payment- Down payment
- $1,559
- Funds due
- $12,251
- Interest + MI left
- $219,360
- First ends
- Aug 2052
New loan
New conventional
$2,343/mo
+$175/mo- Down payment
- $27,700
- Funds due
- $35,969
- Interest + MI left
- $378,080
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $275,441 | $249,300 |
| Second mortgage | — | — |
| First P&I | $1,601.30 | $1,726.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $49.86 |
| Taxes, insurance & HOA | $566.75 | $566.75 |
| Total housing payment | $2,168.05 | $2,342.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$1,559
Closing costs & prepaids$10,692
Usable credit−$0
Total buyer cash needed$12,251
Earnest money paid−$0
Remaining funds due$12,251
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,770.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,377.21
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,250.25
Prepaid interest, first (2 days)$76.82
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 9 moOf the original 30-year loan at 5.090%
Interest already paid$61,848Through Nov 2026
Assumption only · ends Aug 2052$219,360
New conventional · ends Dec 2056$378,080