Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,017/mo
Lowest payment- Down payment
- $38,975
- Funds due
- $54,994
- Interest + MI left
- $426,190
- First ends
- Oct 2052
New loan
New conventional
$4,434/mo
+$417/mo- Down payment
- $52,000
- Funds due
- $64,345
- Interest + MI left
- $709,753
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $481,025 | $468,000 |
| Second mortgage | — | — |
| First P&I | $2,917.09 | $3,240.34 |
| Second P&I | — | — |
| Mortgage insurance | — | $93.60 |
| Taxes, insurance & HOA | $1,100.00 | $1,100.00 |
| Total housing payment | $4,017.09 | $4,433.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,975
Closing costs & prepaids$16,019
Usable credit−$0
Total buyer cash needed$54,994
Earnest money paid−$0
Remaining funds due$54,994
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,405.13
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,300.00
Initial HOA (3 months)$1,500.00
Prepaid interest, first (2 days)$146.02
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 11 moOf the original 30-year loan at 5.540%
Interest already paid$112,463Through Nov 2026
Assumption only · ends Oct 2052$426,190
New conventional · ends Dec 2056$709,753