Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,966/mo
Lowest payment- Down payment
- $19,179
- Funds due
- $31,973
- Interest + MI left
- $351,330
- First ends
- Aug 2052
New loan
New conventional
$3,288/mo
+$322/mo- Down payment
- $44,000
- Funds due
- $53,496
- Interest + MI left
- $600,561
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $420,821 | $396,000 |
| Second mortgage | — | — |
| First P&I | $2,498.87 | $2,741.82 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.20 |
| Taxes, insurance & HOA | $466.75 | $466.75 |
| Total housing payment | $2,965.62 | $3,287.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,179
Closing costs & prepaids$12,795
Usable credit−$0
Total buyer cash needed$31,973
Earnest money paid−$0
Remaining funds due$31,973
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,104.11
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$912.75
Initial HOA (3 months)$37.50
Prepaid interest, first (2 days)$122.21
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 9 moOf the original 30-year loan at 5.300%
Interest already paid$98,264Through Nov 2026
Assumption only · ends Aug 2052$351,330
New conventional · ends Dec 2056$600,561