Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,504/mo
Lowest payment- Down payment
- $0
- Funds due
- $15,459
- Interest + MI left
- $354,954
- First ends
- Jun 2052
New loan
New conventional
$4,006/mo
+$501/mo- Down payment
- $56,000
- Funds due
- $67,579
- Interest + MI left
- $736,931
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $567,242 | $504,000 |
| Second mortgage | — | — |
| First P&I | $3,013.71 | $3,414.27 |
| Second P&I | — | — |
| Mortgage insurance | — | $100.80 |
| Taxes, insurance & HOA | $490.67 | $490.67 |
| Total housing payment | $3,504.38 | $4,005.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$15,459
Usable credit−$0
Total buyer cash needed$15,459
Earnest money paid−$0
Remaining funds due$15,459
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,836.21
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$672.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$583.25
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 6 moOf the original 30-year loan at 4.17%
Interest already paid$111,491Through Dec 2026
Assumption only · ends Jun 2052$354,954
New conventional · ends Jan 2057$736,931