Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,111/mo
Lowest payment- Down payment
- $30,140
- Funds due
- $40,904
- Interest + MI left
- $261,611
- First ends
- Oct 2052
New loan
New conventional
$2,386/mo
+$275/mo- Down payment
- $33,490
- Funds due
- $41,687
- Interest + MI left
- $440,711
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $304,760 | $301,410 |
| Second mortgage | — | — |
| First P&I | $1,827.00 | $2,041.86 |
| Second P&I | — | — |
| Mortgage insurance | — | $60.28 |
| Taxes, insurance & HOA | $284.00 | $284.00 |
| Total housing payment | $2,111.00 | $2,386.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,140
Closing costs & prepaids$10,764
Usable credit−$0
Total buyer cash needed$40,904
Earnest money paid−$0
Remaining funds due$40,904
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,523.80
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$402.00
Prepaid interest, first (6 days)$271.03
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 10 moOf the original 30-year loan at 5.41%
Interest already paid$71,110Through Dec 2026
Assumption only · ends Oct 2052$261,611
New conventional · ends Jan 2057$440,711