Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,354/mo
Lowest payment- Down payment
- $33,026
- Funds due
- $47,718
- Interest + MI left
- $404,939
- First ends
- Oct 2052
New loan
New conventional
$3,755/mo
+$402/mo- Down payment
- $52,490
- Funds due
- $63,607
- Interest + MI left
- $690,742
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $491,874 | $472,410 |
| Second mortgage | — | — |
| First P&I | $2,892.94 | $3,200.27 |
| Second P&I | — | — |
| Mortgage insurance | — | $94.48 |
| Taxes, insurance & HOA | $460.67 | $460.67 |
| Total housing payment | $3,353.61 | $3,755.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,026
Closing costs & prepaids$14,691
Usable credit−$0
Total buyer cash needed$47,718
Earnest money paid−$0
Remaining funds due$47,718
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,459.37
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$630.00
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$633.10
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 5.22%
Interest already paid$110,863Through Dec 2026
Assumption only · ends Oct 2052$404,939
New conventional · ends Jan 2057$690,742