Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,155/mo
Lowest payment- Down payment
- $26,069
- Funds due
- $41,782
- Interest + MI left
- $537,037
- First ends
- Oct 2052
New loan
New conventional
$4,397/mo
+$243/mo- Down payment
- $59,000
- Funds due
- $70,545
- Interest + MI left
- $805,297
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $563,931 | $531,000 |
| Second mortgage | — | — |
| First P&I | $3,540.09 | $3,676.54 |
| Second P&I | — | — |
| Mortgage insurance | — | $106.20 |
| Taxes, insurance & HOA | $614.75 | $614.75 |
| Total housing payment | $4,154.84 | $4,397.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,069
Closing costs & prepaids$15,714
Usable credit−$0
Total buyer cash needed$41,782
Earnest money paid−$0
Remaining funds due$41,782
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,819.66
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,203.25
Initial HOA (3 months)$141.00
Prepaid interest, first (2 days)$182.00
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 5.890%
Interest already paid$139,909Through Nov 2026
Assumption only · ends Oct 2052$537,037
New conventional · ends Dec 2056$805,297