Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,320/mo
Lowest payment- Down payment
- $40,543
- Funds due
- $53,143
- Interest + MI left
- $157,840
- First ends
- Jan 2052
New loan
New conventional
$3,265/mo
+$944/mo- Down payment
- $42,990
- Funds due
- $52,516
- Interest + MI left
- $586,775
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $389,357 | $386,910 |
| Second mortgage | — | — |
| First P&I | $1,811.91 | $2,678.89 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.38 |
| Taxes, insurance & HOA | $508.25 | $508.25 |
| Total housing payment | $2,320.16 | $3,264.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,543
Closing costs & prepaids$12,600
Usable credit−$0
Total buyer cash needed$53,143
Earnest money paid−$0
Remaining funds due$53,143
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,946.79
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,074.75
Prepaid interest, first (2 days)$61.23
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 2 moOf the original 30-year loan at 2.870%
Interest already paid$57,448Through Nov 2026
Assumption only · ends Jan 2052$157,840
New conventional · ends Dec 2056$586,775