Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,523/mo
Lowest payment- Down payment
- $28,259
- Funds due
- $43,171
- Interest + MI left
- $430,133
- First ends
- Sep 2052
New loan
New conventional
$3,802/mo
+$279/mo- Down payment
- $51,950
- Funds due
- $63,253
- Interest + MI left
- $683,635
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $491,241 | $467,550 |
| Second mortgage | — | — |
| First P&I | $2,981.79 | $3,167.35 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.51 |
| Taxes, insurance & HOA | $541.50 | $541.50 |
| Total housing payment | $3,523.29 | $3,802.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,259
Closing costs & prepaids$14,912
Usable credit−$0
Total buyer cash needed$43,171
Earnest money paid−$0
Remaining funds due$43,171
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,195.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,456.21
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$623.50
Initial HOA (3 months)$501.00
Prepaid interest, first (9 days)$668.63
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 5.52%
Interest already paid$119,313Through Dec 2026
Assumption only · ends Sep 2052$430,133
New conventional · ends Jan 2057$683,635