Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,452/mo
Lowest payment- Down payment
- $25,602
- Funds due
- $45,958
- Interest + MI left
- $714,590
- First ends
- Jul 2052
New loan
New conventional
$5,624/mo
+$171/mo- Down payment
- $79,990
- Funds due
- $95,047
- Interest + MI left
- $1,052,627
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $774,298 | $719,910 |
| Second mortgage | — | — |
| First P&I | $4,849.80 | $4,876.92 |
| Second P&I | — | — |
| Mortgage insurance | — | $143.98 |
| Taxes, insurance & HOA | $602.67 | $602.67 |
| Total housing payment | $5,452.46 | $5,623.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,602
Closing costs & prepaids$20,356
Usable credit−$0
Total buyer cash needed$45,958
Earnest money paid−$0
Remaining funds due$45,958
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,871.49
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$960.00
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$1,109.26
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 7 moOf the original 30-year loan at 5.81%
Interest already paid$205,685Through Dec 2026
Assumption only · ends Jul 2052$714,590
New conventional · ends Jan 2057$1,052,627