Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,359/mo
Lowest payment- Down payment
- $23,771
- Funds due
- $35,620
- Interest + MI left
- $246,794
- First ends
- Apr 2052
New loan
New conventional
$2,820/mo
+$461/mo- Down payment
- $39,990
- Funds due
- $48,919
- Interest + MI left
- $526,248
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $376,129 | $359,910 |
| Second mortgage | — | — |
| First P&I | $2,049.09 | $2,438.16 |
| Second P&I | — | — |
| Mortgage insurance | — | $71.98 |
| Taxes, insurance & HOA | $310.00 | $310.00 |
| Total housing payment | $2,359.09 | $2,820.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,771
Closing costs & prepaids$11,848
Usable credit−$0
Total buyer cash needed$35,620
Earnest money paid−$0
Remaining funds due$35,620
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,880.64
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Prepaid interest, first (6 days)$270.50
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 4 moOf the original 27-year loan at 4.375%
Interest already paid$27,931Through Dec 2026
Assumption only · ends Apr 2052$246,794
New conventional · ends Jan 2057$526,248