Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,786/mo
Lowest payment- Down payment
- $31,848
- Funds due
- $42,609
- Interest + MI left
- $152,444
- First ends
- Apr 2052
New loan
New conventional
$2,393/mo
+$607/mo- Down payment
- $33,600
- Funds due
- $41,988
- Interest + MI left
- $442,159
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $304,152 | $302,400 |
| Second mortgage | — | — |
| First P&I | $1,501.96 | $2,048.56 |
| Second P&I | — | — |
| Mortgage insurance | — | $60.48 |
| Taxes, insurance & HOA | $284.42 | $284.42 |
| Total housing payment | $1,786.37 | $2,393.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,848
Closing costs & prepaids$10,761
Usable credit−$0
Total buyer cash needed$42,609
Earnest money paid−$0
Remaining funds due$42,609
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,360.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,520.76
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$403.25
Prepaid interest, first (9 days)$258.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.45%
Interest already paid$51,694Through Dec 2026
Assumption only · ends Apr 2052$152,444
New conventional · ends Jan 2057$442,159