Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,961/mo
Lowest payment- Down payment
- $39,622
- Funds due
- $50,874
- Interest + MI left
- $177,018
- First ends
- May 2052
New loan
New conventional
$2,587/mo
+$626/mo- Down payment
- $35,900
- Funds due
- $44,679
- Interest + MI left
- $472,426
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $319,378 | $323,100 |
| Second mortgage | — | — |
| First P&I | $1,627.53 | $2,188.79 |
| Second P&I | — | — |
| Mortgage insurance | — | $64.62 |
| Taxes, insurance & HOA | $333.58 | $333.58 |
| Total housing payment | $1,961.11 | $2,587.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,622
Closing costs & prepaids$11,252
Usable credit−$0
Total buyer cash needed$50,874
Earnest money paid−$0
Remaining funds due$50,874
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,596.89
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$430.75
Initial HOA (3 months)$120.00
Prepaid interest, first (9 days)$296.10
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 5 moOf the original 30-year loan at 3.76%
Interest already paid$57,892Through Dec 2026
Assumption only · ends May 2052$177,018
New conventional · ends Jan 2057$472,426