Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,000/mo
Lowest payment- Down payment
- $5,627
- Funds due
- $17,906
- Interest + MI left
- $383,141
- First ends
- Dec 2052
New loan
New conventional
$3,000/mo
+$0/mo- Down payment
- $37,500
- Funds due
- $46,774
- Interest + MI left
- $511,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $369,373 | $337,500 |
| Second mortgage | — | — |
| First P&I | $2,404.20 | $2,336.78 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.50 |
| Taxes, insurance & HOA | $595.58 | $595.58 |
| Total housing payment | $2,999.78 | $2,999.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$5,627
Closing costs & prepaids$12,279
Usable credit−$0
Total buyer cash needed$17,906
Earnest money paid−$0
Remaining funds due$17,906
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,846.87
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,174.75
Initial HOA (3 months)$162.00
Prepaid interest, first (2 days)$127.31
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 closing26 yr 1 moOf the original 30-year loan at 6.290%
Interest already paid$93,543Through Nov 2026
Assumption only · ends Dec 2052$383,141
New conventional · ends Dec 2056$511,841