Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,850/mo
Lowest payment- Down payment
- $26,894
- Funds due
- $36,787
- Interest + MI left
- $234,819
- First ends
- Nov 2052
New loan
New conventional
$2,177/mo
+$328/mo- Down payment
- $31,000
- Funds due
- $38,391
- Interest + MI left
- $423,115
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $283,101 | $278,995 |
| Second mortgage | — | — |
| First P&I | $1,660.00 | $1,931.71 |
| Second P&I | — | — |
| Mortgage insurance | — | $55.80 |
| Taxes, insurance & HOA | $189.75 | $189.75 |
| Total housing payment | $1,849.75 | $2,177.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,894
Closing costs & prepaids$9,893
Usable credit−$0
Total buyer cash needed$36,787
Earnest money paid−$0
Remaining funds due$36,787
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,099.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,415.51
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$119.25
Prepaid interest, first (1 days)$40.49
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 closing26 yrOf the original 30-year loan at 5.220%
Interest already paid$61,153Through Nov 2026
Assumption only · ends Nov 2052$234,819
New conventional · ends Dec 2056$423,115