Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,394/mo
Lowest payment- Down payment
- $11,422
- Funds due
- $20,565
- Interest + MI left
- $117,172
- First ends
- May 2052
New loan
New conventional
$1,814/mo
+$420/mo- Down payment
- $24,349
- Funds due
- $31,317
- Interest + MI left
- $332,342
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $232,068 | $219,141 |
| Second mortgage | — | — |
| First P&I | $1,141.31 | $1,517.29 |
| Second P&I | — | — |
| Mortgage insurance | — | $43.83 |
| Taxes, insurance & HOA | $252.42 | $252.42 |
| Total housing payment | $1,393.72 | $1,813.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,422
Closing costs & prepaids$9,142
Usable credit−$0
Total buyer cash needed$20,565
Earnest money paid−$0
Remaining funds due$20,565
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,434.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,160.34
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$307.25
Prepaid interest, first (1 days)$21.94
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 6 moOf the original 30-year loan at 3.450%
Interest already paid$37,948Through Nov 2026
Assumption only · ends May 2052$117,172
New conventional · ends Dec 2056$332,342