Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,490/mo
Lowest payment- Down payment
- $0
- Funds due
- $11,943
- Interest + MI left
- $231,849
- First ends
- Apr 2052
New loan
New conventional
$2,895/mo
+$405/mo- Down payment
- $41,000
- Funds due
- $49,540
- Interest + MI left
- $559,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $446,320 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,223.51 | $2,554.88 |
| Second P&I | — | — |
| Mortgage insurance | — | $73.80 |
| Taxes, insurance & HOA | $266.67 | $266.67 |
| Total housing payment | $2,490.17 | $2,895.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$11,943
Usable credit−$0
Total buyer cash needed$11,943
Earnest money paid−$0
Remaining funds due$11,943
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,231.60
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$350.00
Prepaid interest, first (1 days)$43.41
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 5 moOf the original 30-year loan at 3.550%
Interest already paid$76,513Through Nov 2026
Assumption only · ends Apr 2052$231,849
New conventional · ends Dec 2056$559,613