Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,612/mo
Lowest payment- Down payment
- $35,838
- Funds due
- $48,720
- Interest + MI left
- $257,203
- First ends
- Jun 2052
New loan
New conventional
$3,167/mo
+$555/mo- Down payment
- $42,490
- Funds due
- $52,466
- Interest + MI left
- $559,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $389,062 | $382,410 |
| Second mortgage | — | — |
| First P&I | $2,111.98 | $2,590.58 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.48 |
| Taxes, insurance & HOA | $500.00 | $500.00 |
| Total housing payment | $2,611.98 | $3,167.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,838
Closing costs & prepaids$12,882
Usable credit−$0
Total buyer cash needed$48,720
Earnest money paid−$0
Remaining funds due$48,720
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,945.31
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)$540.00
Prepaid interest, first (9 days)$419.71
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 6 moOf the original 30-year loan at 4.375%
Interest already paid$80,109Through Dec 2026
Assumption only · ends Jun 2052$257,203
New conventional · ends Jan 2057$559,147