Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,190/mo
Lowest payment- Down payment
- $44,763
- Funds due
- $56,917
- Interest + MI left
- $179,792
- First ends
- Mar 2052
New loan
New conventional
$3,147/mo
+$958/mo- Down payment
- $44,900
- Funds due
- $53,885
- Interest + MI left
- $612,845
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $404,237 | $404,100 |
| Second mortgage | — | — |
| First P&I | $1,921.15 | $2,797.91 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.82 |
| Taxes, insurance & HOA | $268.50 | $268.50 |
| Total housing payment | $2,189.65 | $3,147.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,763
Closing costs & prepaids$12,153
Usable credit−$0
Total buyer cash needed$56,917
Earnest money paid−$0
Remaining funds due$56,917
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,021.18
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$355.50
Prepaid interest, first (2 days)$68.66
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 3.100%
Interest already paid$61,921Through Nov 2026
Assumption only · ends Mar 2052$179,792
New conventional · ends Dec 2056$612,845