Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,545/mo
Lowest payment- Down payment
- $52,180
- Funds due
- $68,329
- Interest + MI left
- $571,624
- First ends
- Feb 2051
New loan
New conventional
$4,634/mo
+$89/mo- Down payment
- $63,000
- Funds due
- $74,861
- Interest + MI left
- $859,886
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $577,815 | $566,995 |
| Second mortgage | — | — |
| First P&I | $3,949.96 | $3,925.76 |
| Second P&I | — | — |
| Mortgage insurance | — | $113.40 |
| Taxes, insurance & HOA | $595.33 | $595.33 |
| Total housing payment | $4,545.30 | $4,634.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,180
Closing costs & prepaids$16,149
Usable credit−$0
Total buyer cash needed$68,329
Earnest money paid−$0
Remaining funds due$68,329
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,299.95
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,889.07
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$902.00
Initial HOA (3 months)$384.00
Prepaid interest, first (2 days)$205.80
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 closing24 yr 3 moOf the original 25-year loan at 6.500%
Interest already paid$28,364Through Nov 2026
Assumption only · ends Feb 2051$571,624
New conventional · ends Dec 2056$859,886