Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,156/mo
Lowest payment- Down payment
- $26,924
- Funds due
- $38,312
- Interest + MI left
- $214,099
- First ends
- Mar 2052
New loan
New conventional
$2,789/mo
+$633/mo- Down payment
- $40,000
- Funds due
- $48,396
- Interest + MI left
- $545,963
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $373,075 | $359,999 |
| Second mortgage | — | — |
| First P&I | $1,931.49 | $2,492.56 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $224.92 | $224.92 |
| Total housing payment | $2,156.41 | $2,789.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,924
Closing costs & prepaids$11,388
Usable credit−$0
Total buyer cash needed$38,312
Earnest money paid−$0
Remaining funds due$38,312
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,865.37
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$224.75
Prepaid interest, first (2 days)$79.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 3.890%
Interest already paid$71,238Through Nov 2026
Assumption only · ends Mar 2052$214,099
New conventional · ends Dec 2056$545,963