Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,260/mo
Lowest payment- Down payment
- $32,099
- Funds due
- $44,264
- Interest + MI left
- $196,926
- First ends
- Apr 2052
New loan
New conventional
$2,988/mo
+$727/mo- Down payment
- $42,500
- Funds due
- $51,711
- Interest + MI left
- $559,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $392,901 | $382,500 |
| Second mortgage | — | — |
| First P&I | $1,940.22 | $2,591.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.50 |
| Taxes, insurance & HOA | $320.00 | $320.00 |
| Total housing payment | $2,260.22 | $2,987.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,099
Closing costs & prepaids$12,165
Usable credit−$0
Total buyer cash needed$44,264
Earnest money paid−$0
Remaining funds due$44,264
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,964.51
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$510.00
Prepaid interest, first (6 days)$222.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.45%
Interest already paid$66,778Through Dec 2026
Assumption only · ends Apr 2052$196,926
New conventional · ends Jan 2057$559,278