Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,922/mo
Lowest payment- Down payment
- $36,023
- Funds due
- $48,811
- Interest + MI left
- $340,428
- First ends
- Sep 2052
New loan
New conventional
$3,294/mo
+$372/mo- Down payment
- $42,500
- Funds due
- $52,163
- Interest + MI left
- $580,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $388,977 | $382,500 |
| Second mortgage | — | — |
| First P&I | $2,352.92 | $2,648.35 |
| Second P&I | — | — |
| Mortgage insurance | — | $76.50 |
| Taxes, insurance & HOA | $569.17 | $569.17 |
| Total housing payment | $2,922.08 | $3,294.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,023
Closing costs & prepaids$12,788
Usable credit−$0
Total buyer cash needed$48,811
Earnest money paid−$0
Remaining funds due$48,811
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,944.88
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$849.50
Initial HOA (3 months)$408.00
Prepaid interest, first (2 days)$117.23
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 10 moOf the original 30-year loan at 5.500%
Interest already paid$92,223Through Nov 2026
Assumption only · ends Sep 2052$340,428
New conventional · ends Dec 2056$580,087