Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,528/mo
Lowest payment- Down payment
- $25,700
- Funds due
- $40,184
- Interest + MI left
- $463,084
- First ends
- Sep 2052
New loan
New conventional
$3,739/mo
+$211/mo- Down payment
- $53,500
- Funds due
- $64,200
- Interest + MI left
- $704,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $509,300 | $481,500 |
| Second mortgage | — | — |
| First P&I | $3,146.87 | $3,261.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $96.30 |
| Taxes, insurance & HOA | $380.67 | $380.67 |
| Total housing payment | $3,527.54 | $3,738.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,700
Closing costs & prepaids$14,484
Usable credit−$0
Total buyer cash needed$40,184
Earnest money paid−$0
Remaining funds due$40,184
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,546.50
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$642.00
Prepaid interest, first (6 days)$477.21
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 9 moOf the original 30-year loan at 5.7%
Interest already paid$127,600Through Dec 2026
Assumption only · ends Sep 2052$463,084
New conventional · ends Jan 2057$704,033