Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,521/mo
Lowest payment- Down payment
- $38,433
- Funds due
- $54,914
- Interest + MI left
- $196,529
- First ends
- Dec 2051
New loan
New conventional
$4,617/mo
+$1,097/mo- Down payment
- $52,500
- Funds due
- $65,345
- Interest + MI left
- $716,578
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $486,567 | $472,500 |
| Second mortgage | — | — |
| First P&I | $2,269.42 | $3,271.49 |
| Second P&I | — | — |
| Mortgage insurance | — | $94.50 |
| Taxes, insurance & HOA | $1,251.17 | $1,251.17 |
| Total housing payment | $3,520.59 | $4,617.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,433
Closing costs & prepaids$16,481
Usable credit−$0
Total buyer cash needed$54,914
Earnest money paid−$0
Remaining funds due$54,914
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,432.84
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,312.50
Initial HOA (3 months)$1,941.00
Prepaid interest, first (2 days)$76.52
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 1 moOf the original 30-year loan at 2.870%
Interest already paid$73,120Through Nov 2026
Assumption only · ends Dec 2051$196,529
New conventional · ends Dec 2056$716,578