Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,327/mo
Lowest payment- Down payment
- $30,153
- Funds due
- $42,722
- Interest + MI left
- $183,381
- First ends
- Feb 2052
New loan
New conventional
$3,155/mo
+$827/mo- Down payment
- $45,000
- Funds due
- $54,493
- Interest + MI left
- $592,176
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $419,846 | $404,999 |
| Second mortgage | — | — |
| First P&I | $1,997.44 | $2,743.60 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.00 |
| Taxes, insurance & HOA | $330.00 | $330.00 |
| Total housing payment | $2,327.44 | $3,154.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,153
Closing costs & prepaids$12,569
Usable credit−$0
Total buyer cash needed$42,722
Earnest money paid−$0
Remaining funds due$42,722
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,099.23
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$540.00
Prepaid interest, first (6 days)$211.88
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 2 moOf the original 30-year loan at 3.07%
Interest already paid$66,141Through Dec 2026
Assumption only · ends Feb 2052$183,381
New conventional · ends Jan 2057$592,176