Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,890/mo
Lowest payment- Down payment
- $27,138
- Funds due
- $38,255
- Interest + MI left
- $148,393
- First ends
- Mar 2052
New loan
New conventional
$2,567/mo
+$677/mo- Down payment
- $36,200
- Funds due
- $44,702
- Interest + MI left
- $476,372
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $334,861 | $325,799 |
| Second mortgage | — | — |
| First P&I | $1,594.90 | $2,207.08 |
| Second P&I | — | — |
| Mortgage insurance | — | $65.16 |
| Taxes, insurance & HOA | $294.83 | $294.83 |
| Total housing payment | $1,889.73 | $2,567.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,138
Closing costs & prepaids$11,117
Usable credit−$0
Total buyer cash needed$38,255
Earnest money paid−$0
Remaining funds due$38,255
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,619.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,674.31
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$434.50
Prepaid interest, first (6 days)$170.64
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$52,273Through Dec 2026
Assumption only · ends Mar 2052$148,393
New conventional · ends Jan 2057$476,372