Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,706/mo
Lowest payment- Down payment
- $32,258
- Funds due
- $41,887
- Interest + MI left
- $213,149
- First ends
- Aug 2052
New loan
New conventional
$2,073/mo
+$367/mo- Down payment
- $29,990
- Funds due
- $37,224
- Interest + MI left
- $409,337
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $267,642 | $269,910 |
| Second mortgage | — | — |
| First P&I | $1,555.96 | $1,868.80 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.98 |
| Taxes, insurance & HOA | $150.00 | $150.00 |
| Total housing payment | $1,705.96 | $2,072.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,258
Closing costs & prepaids$9,630
Usable credit−$0
Total buyer cash needed$41,887
Earnest money paid−$0
Remaining funds due$41,887
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,338.21
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Prepaid interest, first (2 days)$74.65
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 9 moOf the original 30-year loan at 5.090%
Interest already paid$60,096Through Nov 2026
Assumption only · ends Aug 2052$213,149
New conventional · ends Dec 2056$409,337