Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,702/mo
Lowest payment- Down payment
- $41,329
- Funds due
- $51,388
- Interest + MI left
- $180,054
- First ends
- Jun 2052
New loan
New conventional
$2,285/mo
+$583/mo- Down payment
- $32,800
- Funds due
- $40,332
- Interest + MI left
- $447,691
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $286,671 | $295,200 |
| Second mortgage | — | — |
| First P&I | $1,520.28 | $2,043.91 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.04 |
| Taxes, insurance & HOA | $181.58 | $181.58 |
| Total housing payment | $1,701.86 | $2,284.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,329
Closing costs & prepaids$10,059
Usable credit−$0
Total buyer cash needed$51,388
Earnest money paid−$0
Remaining funds due$51,388
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,280.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,433.35
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$94.75
Prepaid interest, first (1 days)$32.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4.170%
Interest already paid$55,246Through Nov 2026
Assumption only · ends Jun 2052$180,054
New conventional · ends Dec 2056$447,691