Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,538/mo
Lowest payment- Down payment
- $0
- Funds due
- $12,427
- Interest + MI left
- $230,529
- First ends
- Apr 2052
New loan
New conventional
$2,888/mo
+$350/mo- Down payment
- $41,000
- Funds due
- $50,260
- Interest + MI left
- $539,539
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $445,417 | $369,000 |
| Second mortgage | — | — |
| First P&I | $2,223.51 | $2,499.73 |
| Second P&I | — | — |
| Mortgage insurance | — | $73.80 |
| Taxes, insurance & HOA | $314.00 | $314.00 |
| Total housing payment | $2,537.51 | $2,887.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,427
Usable credit−$0
Total buyer cash needed$12,427
Earnest money paid−$0
Remaining funds due$12,427
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,227.08
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$492.00
Prepaid interest, first (9 days)$389.89
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 3.55%
Interest already paid$77,833Through Dec 2026
Assumption only · ends Apr 2052$230,529
New conventional · ends Jan 2057$539,539