Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,333/mo
Lowest payment- Down payment
- $23,255
- Funds due
- $35,161
- Interest + MI left
- $178,898
- First ends
- May 2052
New loan
New conventional
$2,862/mo
+$529/mo- Down payment
- $33,000
- Funds due
- $42,303
- Interest + MI left
- $450,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $306,745 | $297,000 |
| Second mortgage | — | — |
| First P&I | $1,587.07 | $2,056.37 |
| Second P&I | — | — |
| Mortgage insurance | — | $59.40 |
| Taxes, insurance & HOA | $745.92 | $745.92 |
| Total housing payment | $2,332.99 | $2,861.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,255
Closing costs & prepaids$11,905
Usable credit−$0
Total buyer cash needed$35,161
Earnest money paid−$0
Remaining funds due$35,161
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,533.72
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$947.75
Initial HOA (3 months)$840.00
Prepaid interest, first (2 days)$65.89
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 6 moOf the original 30-year loan at 3.920%
Interest already paid$56,782Through Nov 2026
Assumption only · ends May 2052$178,898
New conventional · ends Dec 2056$450,420