Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,752/mo
Lowest payment- Down payment
- $36,058
- Funds due
- $48,023
- Interest + MI left
- $364,958
- First ends
- Jul 2052
New loan
New conventional
$3,045/mo
+$293/mo- Down payment
- $43,000
- Funds due
- $51,788
- Interest + MI left
- $586,912
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $393,942 | $387,000 |
| Second mortgage | — | — |
| First P&I | $2,463.96 | $2,679.51 |
| Second P&I | — | — |
| Mortgage insurance | — | $77.40 |
| Taxes, insurance & HOA | $288.08 | $288.08 |
| Total housing payment | $2,752.04 | $3,044.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,058
Closing costs & prepaids$11,965
Usable credit−$0
Total buyer cash needed$48,023
Earnest money paid−$0
Remaining funds due$48,023
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,969.71
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$414.25
Prepaid interest, first (1 days)$62.71
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 8 moOf the original 30-year loan at 5.810%
Interest already paid$102,592Through Nov 2026
Assumption only · ends Jul 2052$364,958
New conventional · ends Dec 2056$586,912