Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,644/mo
Lowest payment- Down payment
- $36,638
- Funds due
- $48,976
- Interest + MI left
- $322,042
- First ends
- Aug 2052
New loan
New conventional
$3,020/mo
+$376/mo- Down payment
- $42,990
- Funds due
- $52,257
- Interest + MI left
- $565,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $393,262 | $386,910 |
| Second mortgage | — | — |
| First P&I | $2,322.41 | $2,621.06 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.38 |
| Taxes, insurance & HOA | $322.00 | $322.00 |
| Total housing payment | $2,644.41 | $3,020.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,638
Closing costs & prepaids$12,337
Usable credit−$0
Total buyer cash needed$48,976
Earnest money paid−$0
Remaining funds due$48,976
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,966.31
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$516.00
Prepaid interest, first (6 days)$338.10
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$92,510Through Dec 2026
Assumption only · ends Aug 2052$322,042
New conventional · ends Jan 2057$565,726