Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,617/mo
Lowest payment- Down payment
- $49,309
- Funds due
- $63,194
- Interest + MI left
- $208,585
- First ends
- Mar 2052
New loan
New conventional
$3,639/mo
+$1,022/mo- Down payment
- $52,000
- Funds due
- $62,531
- Interest + MI left
- $684,293
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $470,691 | $468,000 |
| Second mortgage | — | — |
| First P&I | $2,241.84 | $3,170.40 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.60 |
| Taxes, insurance & HOA | $374.67 | $374.67 |
| Total housing payment | $2,616.50 | $3,638.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,309
Closing costs & prepaids$13,885
Usable credit−$0
Total buyer cash needed$63,194
Earnest money paid−$0
Remaining funds due$63,194
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,353.46
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$624.00
Prepaid interest, first (6 days)$239.86
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 3 moOf the original 30-year loan at 3.1%
Interest already paid$73,476Through Dec 2026
Assumption only · ends Mar 2052$208,585
New conventional · ends Jan 2057$684,293