Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,035/mo
Lowest payment- Down payment
- $33,245
- Funds due
- $45,022
- Interest + MI left
- $133,512
- First ends
- Feb 2051
New loan
New conventional
$2,821/mo
+$786/mo- Down payment
- $40,000
- Funds due
- $49,142
- Interest + MI left
- $526,380
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $366,755 | $360,000 |
| Second mortgage | — | — |
| First P&I | $1,725.06 | $2,438.77 |
| Second P&I | — | — |
| Mortgage insurance | — | $72.00 |
| Taxes, insurance & HOA | $310.00 | $310.00 |
| Total housing payment | $2,035.06 | $2,820.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,245
Closing costs & prepaids$11,777
Usable credit−$0
Total buyer cash needed$45,022
Earnest money paid−$0
Remaining funds due$45,022
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,833.77
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Prepaid interest, first (9 days)$245.07
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 closing24 yr 2 moOf the original 30-year loan at 2.71%
Interest already paid$62,749Through Dec 2026
Assumption only · ends Feb 2051$133,512
New conventional · ends Jan 2057$526,380