Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,779/mo
Lowest payment- Down payment
- $5,166
- Funds due
- $20,740
- Interest + MI left
- $371,773
- First ends
- Jun 2052
New loan
New conventional
$4,240/mo
+$461/mo- Down payment
- $52,490
- Funds due
- $64,206
- Interest + MI left
- $716,442
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $519,734 | $472,410 |
| Second mortgage | — | — |
| First P&I | $2,903.93 | $3,270.87 |
| Second P&I | — | — |
| Mortgage insurance | — | $94.48 |
| Taxes, insurance & HOA | $875.00 | $875.00 |
| Total housing payment | $3,778.93 | $4,240.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,166
Closing costs & prepaids$15,574
Usable credit−$0
Total buyer cash needed$20,740
Earnest money paid−$0
Remaining funds due$20,740
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,598.67
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,849.00
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$132.99
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 4.670%
Interest already paid$111,776Through Nov 2026
Assumption only · ends Jun 2052$371,773
New conventional · ends Dec 2056$716,442