Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,204/mo
Lowest payment- Down payment
- $18,522
- Funds due
- $32,394
- Interest + MI left
- $393,463
- First ends
- Aug 2052
New loan
New conventional
$3,498/mo
+$295/mo- Down payment
- $49,900
- Funds due
- $60,195
- Interest + MI left
- $656,658
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $480,478 | $449,100 |
| Second mortgage | — | — |
| First P&I | $2,837.47 | $3,042.36 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.82 |
| Taxes, insurance & HOA | $366.25 | $366.25 |
| Total housing payment | $3,203.72 | $3,498.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,522
Closing costs & prepaids$13,872
Usable credit−$0
Total buyer cash needed$32,394
Earnest money paid−$0
Remaining funds due$32,394
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,402.39
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$598.75
Prepaid interest, first (6 days)$413.08
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 8 moOf the original 30-year loan at 5.23%
Interest already paid$113,027Through Dec 2026
Assumption only · ends Aug 2052$393,463
New conventional · ends Jan 2057$656,658