Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,173/mo
Lowest payment- Down payment
- $11,561
- Funds due
- $29,424
- Interest + MI left
- $365,158
- First ends
- May 2052
New loan
New conventional
$4,933/mo
+$760/mo- Down payment
- $64,000
- Funds due
- $77,701
- Interest + MI left
- $842,206
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $628,438 | $575,999 |
| Second mortgage | — | — |
| First P&I | $3,257.69 | $3,902.02 |
| Second P&I | — | — |
| Mortgage insurance | — | $115.20 |
| Taxes, insurance & HOA | $915.34 | $915.34 |
| Total housing payment | $4,173.03 | $4,932.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,561
Closing costs & prepaids$17,864
Usable credit−$0
Total buyer cash needed$29,424
Earnest money paid−$0
Remaining funds due$29,424
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,399.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,142.19
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$768.00
Initial HOA (3 months)$1,478.01
Prepaid interest, first (9 days)$607.43
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 3.92%
Interest already paid$118,611Through Dec 2026
Assumption only · ends May 2052$365,158
New conventional · ends Jan 2057$842,206