Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,242/mo
Lowest payment- Down payment
- $38,331
- Funds due
- $54,764
- Interest + MI left
- $495,932
- First ends
- Sep 2052
New loan
New conventional
$4,674/mo
+$432/mo- Down payment
- $59,900
- Funds due
- $72,186
- Interest + MI left
- $817,581
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $560,669 | $539,100 |
| Second mortgage | — | — |
| First P&I | $3,408.39 | $3,732.62 |
| Second P&I | — | — |
| Mortgage insurance | — | $107.82 |
| Taxes, insurance & HOA | $833.83 | $833.83 |
| Total housing payment | $4,242.22 | $4,674.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,331
Closing costs & prepaids$16,433
Usable credit−$0
Total buyer cash needed$54,764
Earnest money paid−$0
Remaining funds due$54,764
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,803.34
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,497.50
Initial HOA (3 months)$504.00
Prepaid interest, first (2 days)$170.50
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 10 moOf the original 30-year loan at 5.550%
Interest already paid$134,099Through Nov 2026
Assumption only · ends Sep 2052$495,932
New conventional · ends Dec 2056$817,581