Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,998/mo
Lowest payment- Down payment
- $21,869
- Funds due
- $35,502
- Interest + MI left
- $355,566
- First ends
- Aug 2052
New loan
New conventional
$3,336/mo
+$338/mo- Down payment
- $46,900
- Funds due
- $57,220
- Interest + MI left
- $617,180
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $447,131 | $422,100 |
| Second mortgage | — | — |
| First P&I | $2,606.16 | $2,859.45 |
| Second P&I | — | — |
| Mortgage insurance | — | $84.42 |
| Taxes, insurance & HOA | $392.25 | $392.25 |
| Total housing payment | $2,998.41 | $3,336.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,869
Closing costs & prepaids$13,633
Usable credit−$0
Total buyer cash needed$35,502
Earnest money paid−$0
Remaining funds due$35,502
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,235.65
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$562.75
Initial HOA (3 months)$114.00
Prepaid interest, first (9 days)$562.28
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 8 moOf the original 30-year loan at 5.1%
Interest already paid$102,651Through Dec 2026
Assumption only · ends Aug 2052$355,566
New conventional · ends Jan 2057$617,180