Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,538/mo
Lowest payment- Down payment
- $31,581
- Funds due
- $41,665
- Interest + MI left
- $118,687
- First ends
- Mar 2052
New loan
New conventional
$2,136/mo
+$598/mo- Down payment
- $29,750
- Funds due
- $37,684
- Interest + MI left
- $391,495
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $265,919 | $267,750 |
| Second mortgage | — | — |
| First P&I | $1,269.33 | $1,813.83 |
| Second P&I | — | — |
| Mortgage insurance | — | $53.55 |
| Taxes, insurance & HOA | $269.00 | $269.00 |
| Total housing payment | $1,538.33 | $2,136.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,581
Closing costs & prepaids$10,084
Usable credit−$0
Total buyer cash needed$41,665
Earnest money paid−$0
Remaining funds due$41,665
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,975.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,329.60
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$357.00
Prepaid interest, first (9 days)$204.58
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 3 moOf the original 30-year loan at 3.12%
Interest already paid$41,771Through Dec 2026
Assumption only · ends Mar 2052$118,687
New conventional · ends Jan 2057$391,495