Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,848/mo
Lowest payment- Down payment
- $41,523
- Funds due
- $55,438
- Interest + MI left
- $281,505
- First ends
- May 2052
New loan
New conventional
$3,605/mo
+$757/mo- Down payment
- $51,500
- Funds due
- $61,975
- Interest + MI left
- $677,714
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $473,477 | $463,500 |
| Second mortgage | — | — |
| First P&I | $2,475.35 | $3,139.91 |
| Second P&I | — | — |
| Mortgage insurance | — | $92.70 |
| Taxes, insurance & HOA | $372.67 | $372.67 |
| Total housing payment | $2,848.02 | $3,605.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,523
Closing costs & prepaids$13,915
Usable credit−$0
Total buyer cash needed$55,438
Earnest money paid−$0
Remaining funds due$55,438
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,367.38
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$618.00
Prepaid interest, first (6 days)$311.33
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 5 moOf the original 30-year loan at 4%
Interest already paid$91,131Through Dec 2026
Assumption only · ends May 2052$281,505
New conventional · ends Jan 2057$677,714