Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,496/mo
Lowest payment- Down payment
- $32,970
- Funds due
- $44,823
- Interest + MI left
- $304,109
- First ends
- Jul 2052
New loan
New conventional
$2,821/mo
+$325/mo- Down payment
- $40,000
- Funds due
- $48,930
- Interest + MI left
- $526,380
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $367,030 | $360,000 |
| Second mortgage | — | — |
| First P&I | $2,186.12 | $2,438.77 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $310.00 | $310.00 |
| Total housing payment | $2,496.12 | $2,820.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,970
Closing costs & prepaids$11,853
Usable credit−$0
Total buyer cash needed$44,823
Earnest money paid−$0
Remaining funds due$44,823
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,835.15
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)$319.77
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 7 moOf the original 30-year loan at 5.3%
Interest already paid$89,215Through Dec 2026
Assumption only · ends Jul 2052$304,109
New conventional · ends Jan 2057$526,380