Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,509/mo
Lowest payment- Down payment
- $20,977
- Funds due
- $32,754
- Interest + MI left
- $281,570
- First ends
- Jul 2052
New loan
New conventional
$2,882/mo
+$372/mo- Down payment
- $38,500
- Funds due
- $47,320
- Interest + MI left
- $525,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $364,023 | $346,500 |
| Second mortgage | — | — |
| First P&I | $2,096.08 | $2,399.10 |
| Second P&I | — | — |
| Mortgage insurance | — | $69.30 |
| Taxes, insurance & HOA | $413.33 | $413.33 |
| Total housing payment | $2,509.41 | $2,881.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,977
Closing costs & prepaids$11,777
Usable credit−$0
Total buyer cash needed$32,754
Earnest money paid−$0
Remaining funds due$32,754
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,820.12
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$529.00
Initial HOA (3 months)$261.00
Prepaid interest, first (2 days)$99.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4.980%
Interest already paid$81,667Through Nov 2026
Assumption only · ends Jul 2052$281,570
New conventional · ends Dec 2056$525,491