Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$910/mo
Lowest payment- Down payment
- $15,066
- Funds due
- $22,848
- Interest + MI left
- $71,133
- First ends
- Mar 2052
New loan
New conventional
$1,272/mo
+$362/mo- Down payment
- $17,500
- Funds due
- $23,532
- Interest + MI left
- $238,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $159,934 | $157,500 |
| Second mortgage | — | — |
| First P&I | $760.09 | $1,090.50 |
| Second P&I | — | — |
| Mortgage insurance | — | $31.50 |
| Taxes, insurance & HOA | $150.00 | $150.00 |
| Total housing payment | $910.09 | $1,272.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,066
Closing costs & prepaids$7,781
Usable credit−$0
Total buyer cash needed$22,848
Earnest money paid−$0
Remaining funds due$22,848
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$799.67
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Prepaid interest, first (1 days)$13.58
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 4 moOf the original 30-year loan at 3.100%
Interest already paid$24,499Through Nov 2026
Assumption only · ends Mar 2052$71,133
New conventional · ends Dec 2056$238,859