Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,887/mo
Lowest payment- Down payment
- $44,053
- Funds due
- $58,331
- Interest + MI left
- $262,574
- First ends
- May 2052
New loan
New conventional
$3,669/mo
+$782/mo- Down payment
- $49,990
- Funds due
- $61,055
- Interest + MI left
- $657,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $455,847 | $449,910 |
| Second mortgage | — | — |
| First P&I | $2,355.48 | $3,047.85 |
| Second P&I | — | — |
| Mortgage insurance | — | $89.98 |
| Taxes, insurance & HOA | $531.34 | $531.34 |
| Total housing payment | $2,886.81 | $3,669.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,053
Closing costs & prepaids$14,277
Usable credit−$0
Total buyer cash needed$58,331
Earnest money paid−$0
Remaining funds due$58,331
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,279.23
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$600.00
Initial HOA (3 months)$494.01
Prepaid interest, first (9 days)$437.24
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 5 moOf the original 30-year loan at 3.89%
Interest already paid$85,398Through Dec 2026
Assumption only · ends May 2052$262,574
New conventional · ends Jan 2057$657,843