Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,492/mo
Lowest payment- Down payment
- $33,047
- Funds due
- $44,632
- Interest + MI left
- $271,437
- First ends
- Nov 2052
New loan
New conventional
$2,745/mo
+$252/mo- Down payment
- $31,700
- Funds due
- $40,780
- Interest + MI left
- $432,677
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $283,953 | $285,300 |
| Second mortgage | — | — |
| First P&I | $1,780.10 | $1,975.36 |
| Second P&I | — | — |
| Mortgage insurance | — | $57.06 |
| Taxes, insurance & HOA | $712.08 | $712.08 |
| Total housing payment | $2,492.18 | $2,744.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,047
Closing costs & prepaids$11,586
Usable credit−$0
Total buyer cash needed$44,632
Earnest money paid−$0
Remaining funds due$44,632
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,170.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,419.77
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,686.25
Prepaid interest, first (2 days)$91.64
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 closing26 yrOf the original 30-year loan at 5.890%
Interest already paid$68,958Through Nov 2026
Assumption only · ends Nov 2052$271,437
New conventional · ends Dec 2056$432,677