Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,405/mo
Lowest payment- Down payment
- $28,287
- Funds due
- $39,819
- Interest + MI left
- $263,589
- First ends
- Jul 2052
New loan
New conventional
$2,778/mo
+$372/mo- Down payment
- $35,900
- Funds due
- $44,665
- Interest + MI left
- $490,003
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $330,713 | $323,100 |
| Second mortgage | — | — |
| First P&I | $1,929.55 | $2,237.08 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.62 |
| Taxes, insurance & HOA | $475.92 | $475.92 |
| Total housing payment | $2,405.47 | $2,777.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,287
Closing costs & prepaids$11,532
Usable credit−$0
Total buyer cash needed$39,819
Earnest money paid−$0
Remaining funds due$39,819
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,653.56
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$977.75
Prepaid interest, first (2 days)$92.60
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 8 moOf the original 30-year loan at 5.110%
Interest already paid$76,068Through Nov 2026
Assumption only · ends Jul 2052$263,589
New conventional · ends Dec 2056$490,003