Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,890/mo
Lowest payment- Down payment
- $31,152
- Funds due
- $41,254
- Interest + MI left
- $225,126
- First ends
- Sep 2052
New loan
New conventional
$2,233/mo
+$343/mo- Down payment
- $30,400
- Funds due
- $38,073
- Interest + MI left
- $414,933
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $272,848 | $273,600 |
| Second mortgage | — | — |
| First P&I | $1,606.37 | $1,894.35 |
| Second P&I | — | — |
| Mortgage insurance | — | $54.72 |
| Taxes, insurance & HOA | $283.75 | $283.75 |
| Total housing payment | $1,890.12 | $2,232.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,152
Closing costs & prepaids$10,102
Usable credit−$0
Total buyer cash needed$41,254
Earnest money paid−$0
Remaining funds due$41,254
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,040.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,364.24
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$401.25
Prepaid interest, first (2 days)$78.19
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 10 moOf the original 30-year loan at 5.230%
Interest already paid$61,611Through Nov 2026
Assumption only · ends Sep 2052$225,126
New conventional · ends Dec 2056$414,933