Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,476/mo
Lowest payment- Down payment
- $38,927
- Funds due
- $51,552
- Interest + MI left
- $234,622
- First ends
- Jun 2052
New loan
New conventional
$3,085/mo
+$609/mo- Down payment
- $41,490
- Funds due
- $51,302
- Interest + MI left
- $545,987
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $375,973 | $373,410 |
| Second mortgage | — | — |
| First P&I | $1,995.41 | $2,529.61 |
| Second P&I | — | — |
| Mortgage insurance | — | $74.68 |
| Taxes, insurance & HOA | $480.67 | $480.67 |
| Total housing payment | $2,476.08 | $3,084.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,927
Closing costs & prepaids$12,625
Usable credit−$0
Total buyer cash needed$51,552
Earnest money paid−$0
Remaining funds due$51,552
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,149.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,879.87
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$498.00
Initial HOA (3 months)$494.01
Prepaid interest, first (9 days)$385.66
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 6 moOf the original 30-year loan at 4.16%
Interest already paid$73,725Through Dec 2026
Assumption only · ends Jun 2052$234,622
New conventional · ends Jan 2057$545,987