Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,652/mo
Lowest payment- Down payment
- $26,620
- Funds due
- $38,840
- Interest + MI left
- $287,143
- First ends
- Sep 2052
New loan
New conventional
$3,038/mo
+$386/mo- Down payment
- $38,500
- Funds due
- $47,790
- Interest + MI left
- $525,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $358,380 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,082.33 | $2,399.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.30 |
| Taxes, insurance & HOA | $570.00 | $570.00 |
| Total housing payment | $2,652.33 | $3,038.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,620
Closing costs & prepaids$12,220
Usable credit−$0
Total buyer cash needed$38,840
Earnest money paid−$0
Remaining funds due$38,840
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,791.90
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,260.00
Prepaid interest, first (2 days)$100.15
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 10 moOf the original 30-year loan at 5.100%
Interest already paid$78,975Through Nov 2026
Assumption only · ends Sep 2052$287,143
New conventional · ends Dec 2056$525,491