Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,873/mo
Lowest payment- Down payment
- $37,385
- Funds due
- $55,865
- Interest + MI left
- $312,157
- First ends
- Apr 2052
New loan
New conventional
$5,098/mo
+$1,225/mo- Down payment
- $71,250
- Funds due
- $85,450
- Interest + MI left
- $937,614
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $675,115 | $641,250 |
| Second mortgage | — | — |
| First P&I | $3,247.60 | $4,344.05 |
| Second P&I | — | — |
| Mortgage insurance | — | $128.25 |
| Taxes, insurance & HOA | $625.67 | $625.67 |
| Total housing payment | $3,873.27 | $5,097.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,385
Closing costs & prepaids$18,480
Usable credit−$0
Total buyer cash needed$55,865
Earnest money paid−$0
Remaining funds due$55,865
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,125.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,375.58
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$855.00
Initial HOA (3 months)$372.00
Prepaid interest, first (9 days)$534.36
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 4 moOf the original 30-year loan at 3.21%
Interest already paid$106,981Through Dec 2026
Assumption only · ends Apr 2052$312,157
New conventional · ends Jan 2057$937,614