Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,537/mo
Lowest payment- Down payment
- $29,990
- Funds due
- $39,927
- Interest + MI left
- $115,377
- First ends
- Feb 2052
New loan
New conventional
$2,189/mo
+$652/mo- Down payment
- $30,000
- Funds due
- $37,526
- Interest + MI left
- $409,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $270,010 | $270,000 |
| Second mortgage | — | — |
| First P&I | $1,271.90 | $1,869.43 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.00 |
| Taxes, insurance & HOA | $265.42 | $265.42 |
| Total housing payment | $1,537.32 | $2,188.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,990
Closing costs & prepaids$9,936
Usable credit−$0
Total buyer cash needed$39,927
Earnest money paid−$0
Remaining funds due$39,927
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,350.05
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$346.25
Prepaid interest, first (1 days)$22.19
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 3 moOf the original 30-year loan at 3.000%
Interest already paid$40,826Through Nov 2026
Assumption only · ends Feb 2052$115,377
New conventional · ends Dec 2056$409,473