Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,424/mo
Lowest payment- Down payment
- $32,006
- Funds due
- $43,691
- Interest + MI left
- $294,471
- First ends
- Aug 2052
New loan
New conventional
$2,754/mo
+$330/mo- Down payment
- $39,000
- Funds due
- $47,817
- Interest + MI left
- $513,220
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $357,994 | $351,000 |
| Second mortgage | — | — |
| First P&I | $2,118.39 | $2,377.80 |
| Second P&I | — | — |
| Mortgage insurance | — | $70.20 |
| Taxes, insurance & HOA | $306.00 | $306.00 |
| Total housing payment | $2,424.39 | $2,754.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,006
Closing costs & prepaids$11,685
Usable credit−$0
Total buyer cash needed$43,691
Earnest money paid−$0
Remaining funds due$43,691
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,789.97
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$468.00
Prepaid interest, first (6 days)$308.95
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 8 moOf the original 30-year loan at 5.25%
Interest already paid$84,525Through Dec 2026
Assumption only · ends Aug 2052$294,471
New conventional · ends Jan 2057$513,220