Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,994/mo
Lowest payment- Down payment
- $18,620
- Funds due
- $34,796
- Interest + MI left
- $499,066
- First ends
- Oct 2052
New loan
New conventional
$4,275/mo
+$281/mo- Down payment
- $60,000
- Funds due
- $72,057
- Interest + MI left
- $789,568
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $581,379 | $539,999 |
| Second mortgage | — | — |
| First P&I | $3,485.31 | $3,658.14 |
| Second P&I | — | — |
| Mortgage insurance | — | $108.00 |
| Taxes, insurance & HOA | $508.67 | $508.67 |
| Total housing payment | $3,993.97 | $4,274.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,620
Closing costs & prepaids$16,176
Usable credit−$0
Total buyer cash needed$34,796
Earnest money paid−$0
Remaining funds due$34,796
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,906.89
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$720.00
Initial HOA (3 months)$306.00
Prepaid interest, first (9 days)$775.54
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 10 moOf the original 30-year loan at 5.41%
Interest already paid$135,654Through Dec 2026
Assumption only · ends Oct 2052$499,066
New conventional · ends Jan 2057$789,568