Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,809/mo
Lowest payment- Down payment
- $36,593
- Funds due
- $49,448
- Interest + MI left
- $338,645
- First ends
- Sep 2052
New loan
New conventional
$3,124/mo
+$315/mo- Down payment
- $42,500
- Funds due
- $52,345
- Interest + MI left
- $559,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $388,407 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,352.92 | $2,591.19 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.50 |
| Taxes, insurance & HOA | $456.00 | $456.00 |
| Total housing payment | $2,808.92 | $3,123.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,593
Closing costs & prepaids$12,855
Usable credit−$0
Total buyer cash needed$49,448
Earnest money paid−$0
Remaining funds due$49,448
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,942.03
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$510.00
Initial HOA (3 months)$408.00
Prepaid interest, first (9 days)$526.74
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 9 moOf the original 30-year loan at 5.5%
Interest already paid$94,006Through Dec 2026
Assumption only · ends Sep 2052$338,645
New conventional · ends Jan 2057$559,278