Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,888/mo
Lowest payment- Down payment
- $32,442
- Funds due
- $43,631
- Interest + MI left
- $148,501
- First ends
- Apr 2052
New loan
New conventional
$2,560/mo
+$671/mo- Down payment
- $35,250
- Funds due
- $44,000
- Interest + MI left
- $463,872
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $320,058 | $317,250 |
| Second mortgage | — | — |
| First P&I | $1,541.31 | $2,149.16 |
| Second P&I | — | — |
| Mortgage insurance | — | $63.45 |
| Taxes, insurance & HOA | $347.00 | $347.00 |
| Total housing payment | $1,888.31 | $2,559.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,442
Closing costs & prepaids$11,188
Usable credit−$0
Total buyer cash needed$43,631
Earnest money paid−$0
Remaining funds due$43,631
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,525.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,600.29
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$423.00
Initial HOA (3 months)$168.00
Prepaid interest, first (9 days)$254.12
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 3.22%
Interest already paid$50,871Through Dec 2026
Assumption only · ends Apr 2052$148,501
New conventional · ends Jan 2057$463,872