Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,172/mo
Lowest payment- Down payment
- $13,495
- Funds due
- $28,650
- Interest + MI left
- $260,414
- First ends
- Mar 2052
New loan
New conventional
$4,230/mo
+$1,058/mo- Down payment
- $59,900
- Funds due
- $70,854
- Interest + MI left
- $817,581
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $585,505 | $539,100 |
| Second mortgage | — | — |
| First P&I | $2,782.63 | $3,732.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $107.82 |
| Taxes, insurance & HOA | $389.83 | $389.83 |
| Total housing payment | $3,172.46 | $4,230.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,495
Closing costs & prepaids$15,154
Usable credit−$0
Total buyer cash needed$28,650
Earnest money paid−$0
Remaining funds due$28,650
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,927.52
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$669.50
Prepaid interest, first (2 days)$99.46
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$89,688Through Nov 2026
Assumption only · ends Mar 2052$260,414
New conventional · ends Dec 2056$817,581