Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,473/mo
Lowest payment- Down payment
- $41,777
- Funds due
- $56,503
- Interest + MI left
- $441,933
- First ends
- Sep 2052
New loan
New conventional
$3,759/mo
+$286/mo- Down payment
- $51,990
- Funds due
- $63,159
- Interest + MI left
- $684,162
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $478,123 | $467,910 |
| Second mortgage | — | — |
| First P&I | $2,977.53 | $3,169.79 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.58 |
| Taxes, insurance & HOA | $495.67 | $495.67 |
| Total housing payment | $3,473.20 | $3,759.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,777
Closing costs & prepaids$14,726
Usable credit−$0
Total buyer cash needed$56,503
Earnest money paid−$0
Remaining funds due$56,503
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,390.62
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$624.00
Initial HOA (3 months)$363.00
Prepaid interest, first (9 days)$681.42
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 5.78%
Interest already paid$121,415Through Dec 2026
Assumption only · ends Sep 2052$441,933
New conventional · ends Jan 2057$684,162