Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,761/mo
Lowest payment- Down payment
- $29,546
- Funds due
- $41,681
- Interest + MI left
- $371,638
- First ends
- Oct 2052
New loan
New conventional
$3,096/mo
+$335/mo- Down payment
- $44,900
- Funds due
- $53,732
- 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 | $419,454 | $404,100 |
| Second mortgage | — | — |
| First P&I | $2,543.70 | $2,797.91 |
| Second P&I | — | — |
| Mortgage insurance | — | $80.82 |
| Taxes, insurance & HOA | $217.42 | $217.42 |
| Total housing payment | $2,761.12 | $3,096.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,546
Closing costs & prepaids$12,135
Usable credit−$0
Total buyer cash needed$41,681
Earnest money paid−$0
Remaining funds due$41,681
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%)$2,097.27
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$202.25
Prepaid interest, first (2 days)$127.33
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 11 moOf the original 30-year loan at 5.540%
Interest already paid$98,067Through Nov 2026
Assumption only · ends Oct 2052$371,638
New conventional · ends Dec 2056$612,845