Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,413/mo
Lowest payment- Down payment
- $41,260
- Funds due
- $58,095
- Interest + MI left
- $547,319
- First ends
- Oct 2052
New loan
New conventional
$4,892/mo
+$479/mo- Down payment
- $65,900
- Funds due
- $78,247
- Interest + MI left
- $899,476
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $617,740 | $593,100 |
| Second mortgage | — | — |
| First P&I | $3,746.17 | $4,106.50 |
| Second P&I | — | — |
| Mortgage insurance | — | $118.62 |
| Taxes, insurance & HOA | $666.92 | $666.92 |
| Total housing payment | $4,413.09 | $4,892.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,260
Closing costs & prepaids$16,835
Usable credit−$0
Total buyer cash needed$58,095
Earnest money paid−$0
Remaining funds due$58,095
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,088.70
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,314.75
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$187.52
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 11 moOf the original 30-year loan at 5.540%
Interest already paid$144,426Through Nov 2026
Assumption only · ends Oct 2052$547,319
New conventional · ends Dec 2056$899,476