Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,613/mo
Lowest payment- Down payment
- $38,450
- Funds due
- $52,284
- Interest + MI left
- $193,456
- First ends
- Mar 2052
New loan
New conventional
$3,515/mo
+$902/mo- Down payment
- $47,500
- Funds due
- $58,307
- Interest + MI left
- $625,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $436,550 | $427,500 |
| Second mortgage | — | — |
| First P&I | $2,079.23 | $2,896.03 |
| Second P&I | — | — |
| Mortgage insurance | — | $85.50 |
| Taxes, insurance & HOA | $533.34 | $533.34 |
| Total housing payment | $2,612.56 | $3,514.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,450
Closing costs & prepaids$13,834
Usable credit−$0
Total buyer cash needed$52,284
Earnest money paid−$0
Remaining funds due$52,284
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,182.75
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Initial HOA (3 months)$530.01
Prepaid interest, first (9 days)$333.69
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 3 moOf the original 30-year loan at 3.1%
Interest already paid$68,146Through Dec 2026
Assumption only · ends Mar 2052$193,456
New conventional · ends Jan 2057$625,076