Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,171/mo
Lowest payment- Down payment
- $44,858
- Funds due
- $56,649
- Interest + MI left
- $219,713
- First ends
- Dec 2052
New loan
New conventional
$2,854/mo
+$684/mo- Down payment
- $40,500
- Funds due
- $49,486
- Interest + MI left
- $532,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $360,142 | $364,500 |
| Second mortgage | — | — |
| First P&I | $1,858.51 | $2,469.25 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.90 |
| Taxes, insurance & HOA | $312.00 | $312.00 |
| Total housing payment | $2,170.51 | $2,854.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,858
Closing costs & prepaids$11,792
Usable credit−$0
Total buyer cash needed$56,649
Earnest money paid−$0
Remaining funds due$56,649
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,800.71
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$486.00
Prepaid interest, first (6 days)$236.81
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 closing26 yrOf the original 30-year loan at 4%
Interest already paid$60,065Through Dec 2026
Assumption only · ends Dec 2052$219,713
New conventional · ends Jan 2057$532,959