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
- $24,353
- Funds due
- $37,994
- Interest + MI left
- $308,168
- First ends
- Jun 2052
New loan
New conventional
$3,621/mo
+$700/mo- Down payment
- $51,500
- Funds due
- $61,456
- Interest + MI left
- $702,929
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $490,647 | $463,500 |
| Second mortgage | — | — |
| First P&I | $2,602.01 | $3,209.18 |
| Second P&I | — | — |
| Mortgage insurance | — | $92.70 |
| Taxes, insurance & HOA | $319.50 | $319.50 |
| Total housing payment | $2,921.51 | $3,621.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,353
Closing costs & prepaids$13,642
Usable credit−$0
Total buyer cash needed$37,994
Earnest money paid−$0
Remaining funds due$37,994
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,453.24
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$348.50
Initial HOA (3 months)$110.01
Prepaid interest, first (2 days)$112.11
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 7 moOf the original 30-year loan at 4.170%
Interest already paid$94,555Through Nov 2026
Assumption only · ends Jun 2052$308,168
New conventional · ends Dec 2056$702,929